- Ethereum (ETH) dropped 19.43% in 24 hours, hitting $1,452.
- Market cap fell to $175.31B while volume surged 405% to $32.31B.
Today, Ethereum’s value has dropped significantly to $1,452.78, having realized a 19.43% drop in a span of 24 hours. Its market capitalisation value currently stands at an almost equivalent-valued percentage decline of $175.31 billion. However, despite this price decline, trading spiked by 405.03% in day volume to $32.31 billion. Thus, its market cap ratio is 18.21%, showing highly intense short-term trading pressures.
The rest of the cryptocurrency market experienced a similar slip. The total market cap diminished by 11.04% to $2.37 trillion, while the overall trading volume surged by 213.34% to $131.36 billion. This high volatility resulted in cascading liquidations across the ecosystem.
Most interestingly, a whale holding a 67,500 ETH leveraged position, valued at around $105 million, got completely liquidated after ETH breached the $1,650 mark. The injection of 2,160 ETH as collateral to defend the position proved insufficient for the price decline.
Will ETH Bounce Back?
Technically, Ethereum has broken through key support levels. The most recent candle shows a swift move from $1,543.69 to a low of $1,411.01 before closing at $1,422.39. The next significant support threshold barely survives close to the $1,380 mark.
A breach below this level is confirmed for ETH reaching $1,300. Resistance above that returns strength at the $1,560 zone. Should bulls take that back, the token might try a recovery toward $1,650, but the way remains unclear under the current macro pressures.
Momentary indicators indeed support downward moves. The Relative Strength Index (RSI) has fallen significantly up to 13.50, deep in the oversold zone. The current moving average line is close to 36.83, representing how steep the decline is. This divergence is wide, indicating that the downtrend will probably be well extended as there are weak buyers.
The Chaikin Money Flow (CMF) also indicates the gloomy scenario by printing a figure of -0.36. This value indicates that a capital exodus of substantial amounts takes place, resulting from traders’ decreased belief. In this environment, even temporary rebounds could suffer from strict resistance unless mood changes among the markets.
With a circulating supply of 120.67 million ETH Locked and total supply locked, Ethereum hangs its future on macro recovery from all angles with internal stability of its own.
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