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Ethereum (ETH) Shows Severe Selling Pressure Amid Bearish Sentiments

The cryptocurrency market is on a downward trend after Bitcoin failed to establish support at the $11,000 level, plunging instead to around 10% to the $10,000 region. Ethereum has equally felt the heat, plunging 32% in what was the largest percentage loss ever in a single day, and on Monday it was trading at $206.08.

Ethereum Plunges as a Result of Selling Pressure

As selling pressure continues to build, Ethereum continues to plunge, and it is expected to drop even lower in the near future. Ethereum has significantly dropped from its daily high of around $270, and the pressure that the coin is experiencing is an extension of the pressure that was experienced late last month when it surged to $350 before plummeting to $280 as a result of selling pressure.

The recent downward trend has taken ETH’s market capitalization to around $23.42 billion, which is a significant drop of around 8.5% of the total market cap of the crypto market. The highest market cap of Ethereum was around $135.58 billion. In the last 24 hours, Ethereum has, on average, traded between $206.08 and $226.66.

>> Bitcoin Tumbles Below $10K Mark as Crypto Market Turns Bearish

Cryptocurrency Market Dropping

Other cryptocurrencies are also on the downward trend on the Investing.com index. Bitcoin, for instance, has dropped 14.3% on the day to trade at $9,943.4 while XRP has lost 12.33% to drop to $0.29561. The recent selling pressure has been a result of the inability of Bitcoin to sustain a support level at $11,000 after it surged in recent weeks. However, Ethereum does not have a considerable support level until it goes below the $230 region.

Nevertheless, it is expected that the near-term price action of Ethereum will largely depend on how Bitcoin performs. As the day drags on, it is expected that Ethereum will continue to drop, which would ultimately lead to a significant drop in the short term.

Featured image: DepositPhotos © Primakov

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ethereum

Ethereum (ETH) Struggles to Hold $300 Mark

Ethereum (ETH) is the second biggest cryptocurrency in the world in terms of market cap, and during the course of the Bitcoin rally, it has had its ups and down as well. Bitcoin has seen wild price swings this year; its price has risen over 220% since January. Well, Ethereum has also witnessed crazy price movements.

Wild Moves

Ethereum has seen plenty of action in the past month, when it hit a monthly low of $226 and a high of $360. Right now, it is trading at $294.

Talking about resistance level, ETH is at $296.10. Some believe that we will see it rise to $300, which is the next resistance level.

ETH is currently holding support at $285.9. Once it is cleared, the sell-off may be extended to $278, which is the lowest level of July 2. The next barrier comes at $271.6, which is the lowest level of July 3.

Fundamental Change

There is some good news for Ethereum holders, which has to do with a fundamental change to the entire ecosystem. According to reports, the Ethereum network is apparently going to switch to a staking consensus system from the current proof of work one, and although it has had its share of brickbats from critics, this is going to be the start of the next generation of the cryptocurrency, as it were.

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To reduce the whole thing to much simpler language, this is a natural progression of the Ethereum project and one that has been wanted by the developers for quite some time. It is believed that there had been some form of agreement among developers that Ethereum 2.0 was going to go live around this time, and it seems that it is going ahead on schedule.

The network switch will also help the blockchain in managing more transactions with far more ease, and in this regard, it is important to note that the transaction value managed to cross the one million thresholds back on June 28. This is a significant development, and it remains to be seen what effect it will have on Ethereum’s price.

Featured image: DepositPhotos © Violka08

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Ethereum Price Watch – ETH/USD Shoots Higher, Reaches Seven-Day High – Crypto Currency News

Ethereum price watch: Ethereum edges higher today.

Key Highlights:

  • Ethereum price moved up by about 5% on Tuesday morning, reaching a seven-day high of $548.80.

  • ETH/USD is currently on a major bullish run to test a resistance at $550.

  • The cryptocurrency market continued its recovery from last week, adding $12 billion in 24 hours.

Ethereum Price Watch: ETH/USD Edges Higher, Hits Weekly High

Ethereum price edged higher on Tuesday morning, hitting a weekly high of $548.80. Currently, ETH/USD is in the $530-$540 price range. A major support has been established at the lower band of this trading range at $530.

ETH/USD has been on a major bullish run since the open, testing a major resistance at $550. A break above that is unlikely as there are some signs of pullback toward the support. However, the entire cryptocurrency market is still on a path to recovery from last week, adding $12 billion in the past 24 hours, and further bull runs are almost inevitable. On the downside, a movement below $530 could take Ethereum price down to a retracement level of $505.

Ethereum price watch
Source: Tradingview

As for the technicals, the MACD is showing a weak bearish signal, while the RSI indicator puts Ethereum in a severely oversold territory. Trading volume has slowed down in the past few hours.

Looking at the Technical Indicators:

  • Hourly MACD — Bearish signal

  • Hourly RSI — Ethereum is in oversold territory

  • Major Resistance Level — $550

  • Major Support Level — $530

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Ethereum Price Watch – ETH/USD Crashes Below $500, Faces Tough Climb – Crypto Currency News

Key Highlights:

  • Ethereum continued its decline on Thursday, crashing below the pivotal $500 level to a one-month low.

  • ETH/USD is currently on a downward trend testing a major support level at $460.

  • A major resistance level has been established at $490.

ETH/USD Facing Tough Climb

Following a sharp decline in the cryptocurrency market this past weekend, Ethereum continued its decline on Thursday morning, crashing below the pivotal $500 price level and hitting a one-month low of $459. The digital currency is currently trading at close to $466 and trapped between the $460-$470 price range.

ETH/USD has now formed a bearish trend testing a major support level at $460. A resistance point has been established just below the $500 mark at $490. The candlestick patterns indicate that ETH/USD could drop even lower later in the day.

On the downside, a break below the support could see Ethereum price end up at near $440. On the upside, a reversal could send ETH/USD back toward $480 in the short term. However, it may take a major bullish run later this week to get Ethereum over the $500 hurdle.

Source: Tradingview

The technicals indicate that a correction is on the horizon. The recent MACD crossover sends a bullish signal, and there’s an increasing buying pressure as shown by the RSI score and rising trading volume.

Looking at the Technical Indicators:

  • Hourly MACD — Bullish signal

  • Hourly RSI — Ethereum is in overbought territory

  • Major Resistance Level — $490

  • Major Support Level — $460

Featured Image: Depositphotos/© BiancoBlue

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Ethereum Price Watch | ETH/USD Moves Past $600, Upside Break Ahead

Key Highlights:

  • Ethereum moved past the pivotal $600 price level on Thursday morning, reaching a high of $617.16 on the Coinbase exchange.

  • The $600 level is also seen as a major support, from which a bullish trend line has formed.

  • ETH/USD is heading for an upside break to test a resistance at $615.

ETH/USD Heading For Upside Break

On Thursday morning, Ethereum price broke past the pivotal $600 level and stayed above that for the past hours, reaching a high of $617.16 on the Coinbase exchange. The $600 price level is also considered a major support for ETH/USD as of now.

Most of the price movements today were on the positive side. Although a major price dip occurred earlier, ETH/USD was able to stay above $600, and a reversal quickly followed. After testing the $600 support, ETH/USD formed a bullish trend line, looking to test a resistance at $615. On the upside, a successful break above that could send Ethereum price to $635 later this week. On the other hand, a downside move could erase the recent gains and test the $600 support once again.

Ethereum Price Watch

Source: Tradingview

The MACD lines currently show a bearish signal for ETH/USD. The RSI score is near 50, hence Ethereum is neither in an overbought nor oversold territory. Trading volume has gradually picked up during the past couple of hours.

Looking at the Technical Indicators:

  • Hourly MACD — Bearish signal

  • Hourly RSI — Neutral signal

  • Major Resistance Level — $615

  • Major Support Level — $600

Featured Image: Depositphotos/© spaxiax

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