Ethereum (ETH) has experienced a 3.5% price drop in the past 24 hours, bringing it near the $2,000 mark. This decline has made ETH more susceptible to further drops, potentially reaching $2,120. The bearish sentiment is confirmed by trading below the 200 Exponential Moving Average. However, there is potential accumulation of ETH as exchanges have seen an outflow of over $68 million worth of the cryptocurrency in the past 24 hours. This outflow could create buying pressure and drive upside momentum. Intraday traders are focused on the bearish side, with bears holding $121 million worth of short positions at $2,650. Overall, the dominance of bears suggests an attempt to push ETH below the breakout level.



Other News from Today