Ethereum’s price currently hovers around $3.9K after a notable dip. The ETH market has experienced liquidations of over $159.44 million in the past 24 hours, reflecting a bearish trend for the cryptocurrency. This decline comes alongside a 2.13% drop in the global crypto market cap, now valued at $3.68 trillion and marked by fear sentiment as trading commences on October 17th. Major cryptocurrencies have experienced overall declines, with Bitcoin (BTC) dropping below $110K, currently trading around $108.6K. Meanwhile, Ethereum (ETH), the largest altcoin, has remained stuck below $4K after struggling to break through this key resistance point. The asset’s market cap stands at $470.63 billion, with daily trading volume remaining substantial at $48.42 billion. Coinglass data confirms the large-scale liquidation event of $159.44 million worth of Ethereum in the last 24 hours. Technical analysis shows a bearish trend for Ethereum, as indicated by both the MACD line and signal line below zero. This suggests that the downtrend is likely to continue until a bullish crossover occurs. Ethereum’s Relative Strength Index (RSI) sits at 42.43, indicating a neutral-to-mild bearish territory. The momentum remains weak with more funds exiting Ethereum than entering. As long as this trend persists, there is a risk of further price declines and potential losses. However, a bullish turnaround could help Ethereum regain lost ground, potentially rising to $3,937 or even beyond the $3,945 mark, depending on how the market unfolds in coming days.