Ethereum was down 4.75%, trading at $ 2,115 at 05:14 UTC, and its trading volume is $ 23,294,977,156.
The downward move pushed Ether’s market cap to $ 249,276,086,411 billion. The highest market capitalization of the ETH was 479.29 billion US dollars.
For the past 24 hours, ETH traded between the levels between $ 2,134.58 and $ 2,322.47.
The presence of an ascending wedge chart shows that buyers no longer have a significant excess. Hence, the price of Ethereum is expected to go down (i.e. the seller wins the majority). This is further confirmed by the presence of three black crows (3BC) signaling that sellers are driving buyers out of the market.
In addition, Ethereum formed a death cross, indicated by crossing the 50-day moving average below the 200-day moving average, signaling a shift from the uptrend to the bear market.
Additionally, the MACD lines have crossed the 0 mark and are pointing down, suggesting an upward trend towards a bear trend.
The RSI is below 50 (stands at 40), which suggests Ethereum is in bear market.
While the downtrend is evident, short candlesticks show a weak downtrend as there is a relative balance between buying and selling interests, which explains why prices tend to change more slowly.
The 4.75% decline in the ETH price does not surprise the crypto community. The decline started on June 22nd, and the crypto took corrective pricing action with some weak positive trends.
While the indicators are clearly showing the decline, rumors of a delay in the London hard fork have been seen as the reason for today’s decline.
Meanwhile, pressure from Chinese regulators on bitcoin mining and renewed attention to crypto’s overall energy footprint has driven the overall prices of others Cryptocurrencies Low.
Despite the bearish market sentiment and negative news, Ethereum is making technological advances with its London hard fork upgrade to two Ethereum test networks. The London Hard Fork is scheduled to be released on August 4th.
The launch of Ethereum’s long-awaited London hard fork has generated mixed reactions, with some enthusiasts looking forward to the delayed release while others are watching with cautious optimism.
Ethereum 2.0 (London Hard Fork) has been implemented in various test nests and its release will replace Ethereum’s current Proof of Work with Proof of commitment.
The thesis of the downward trend of ETH can become invalid if buyers overwhelm the sellers and drive the price up. The crypto is likely to trade between the $ 2232 resistance zone and the $ 2081 support zone.
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