Ethereum’s price is currently hovering around the $3,800 mark, facing increasing pressure from bearish sentiment. This trend has been amplified by a significant amount of liquidations in the last 24 hours, reaching an impressive $193.78 million. Despite recent attempts to recover, bears have pushed the ETH price down, potentially dragging it toward the crucial support level at around $3,825. Analysts are closely watching for any shifts in market sentiment and price action as this could indicate a significant shift in momentum.
The bearish pressure on Ethereum is evident across various indicators. The MACD and signal lines remain below zero, pointing to an active bearish trend. Additionally, the Chaikin Money Flow (CMF) indicator stands at -0.21, indicating continued selling pressure and weak buying momentum. This suggests a further dip in price unless the market sees a positive change in sentiment.
If bears continue their assault on Ethereum’s price, we could see a deeper correction, potentially triggering the ‘death cross’ scenario. This could open the door to another drop toward the $3,815 range or even lower. However, a bullish reversal is also possible, with potential support at around $3,825 and resistance at $3,845.
The bulls have faced a significant challenge in recent times, but they remain present. The BBP reading of -56.84 highlights the strong bearish momentum and indicates continued selling pressure on the market. While the RSI is currently at 42.46, this suggests a neutral to mildly bearish market with potential for a rebound if buying pressure increases.