- Ethereum sees a 0.46% dip with increasing trading volume.
- Technical analysis shows the coin is near key resistance levels.
- MACD indicator signals continued with the negative trend for ETH.
Ethereum , the second-largest digital crypto by market cap, experienced a slight dip of 0.46% in the previous day, bringing its prices to $2,387.37. Despite this minor drop, the daily trading volume saw a substantial boost of 13.95%, reaching $15.67 billion.
The market capitalisation of the token stands at $287.24 billion, making it the second-largest cryptocurrency by market cap. The circulating supply is right now recorded at 120,317,181 ETH, matching its total supply. This steady supply and circulation indicate the cryptocurrency's ongoing demand and liquidity in the economy.
Source: Coinmarketcap
The trading day witnessed fluctuating price sentiment, with the token's cost ranging between $2,387 and slightly above $2,400 before settling at its current level. The market cap to volume ratio (24h) stands at 5.11%, reflecting the relationship between the asset's market valuation and trading volume.
The coin's current dip comes amid a generally bullish sentiment in the broader digital coin space, with Bitcoin's dominance at 56.1% and ETH's dominance at 14.5%. This slight downturn is part of a larger price pattern, where rates often experience short-term shifts before establishing new levels of support or resistance.
Ethereum Price Action
ETH is experiencing a notable price correction, with the token recently trading at $2,268.4, marking an acute decline of 4.18%. The lately technical analysis of Ethereum's foreign exchange movement reveals that the digital asset is currently facing serious resistance boundaries as it continues its downward trajectory.
The chart displays a bearish structure, brought attention by the formation of an ABCD corrective wave, where the coin has moved from point A to B, followed by a retracement from B to C, and now seems to be completing the final leg from C to D. The formation suggests a potential further decline if Ethereum fails to break through the key breakout levels.
Source: Tradingview
One of the critical levels to watch is the 78.60% Fibonacci retracement level, located near $2,400. This level is often considered a strong resistance point in technical analysis, and a successful break above it could signal a reversal in the current bearish trend. However, if Ethereum fails to overcome this resistance, it might face further downward pressure.
Additionally, the Relative Strength Index is hovering around 40.55, indicating that Ethereum is approaching exceedingly expensive space. This could suggest a intriguing bounce back if buying pressure increases. However, the MACD symbol shows a crossover, with the MACD line crossing below the signal line, pointing to continued a selling track.
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