The price of Ethereum has experienced a slip, dropping by 2.85% in the past 24 hours and 8.56% in the past week. It has lost the $300 billion market cap threshold and currently stands at $2,418 with a trading volume of $16.11 trillion. The daily chart indicates an ongoing downtrend, with a bearish channel pattern and significant supply at the 50-day EMA hindering bullish momentum. The 4-hour chart shows an increasing likelihood of a breakdown rally, with the price approaching a local support trendline near $2,350. Technical indicators suggest a sell opportunity, and if a bearish breakdown occurs, the next support levels are at $2,150, $2,000, and $1,900. The majority of Ethereum's current supply is "in the money," valued at $255.43 billion, and the importance of the $2,300 support level is emphasized by the number of addresses holding ETH tokens. Open interest in Ethereum options has increased, reflecting volatility in the market. Overall sentiment remains bearish, and Ethereum is expected to test crucial support levels if broader market sell-offs continue.



Other News from Today