Ether risks further downside as bears regain control

Key takeaways

ETH is down 5.5% and is now buying and selling under $2,900.
The main altcoins may file additional losses amid renewed bearish momentum.

The cryptocurrency market is beginning one other month bearish after the poor efficiency recorded by Ether and different main cash in November. Ether recorded a brief aid final week, hitting the $3k psychological stage.

Nonetheless, the latest positive aspects have been worn out, with Ether now buying and selling round $2,800 after dropping 5.5% of its worth within the final 24 hours. The destructive efficiency noticed over $140 billion worn out from the crypto market throughout that interval, with the full market cap now under $3 trillion.

Moreover, the bearish efficiency noticed over $500 million value of leveraged positions liquidated within the final 24 hours, with Binance, Bybit, and Hyperliquid accounting for 90% of the full liquidations.

Ether and different main cryptocurrencies may face additional promoting strain within the close to time period. Nonetheless, with the Fed’s FOMC assembly slated for subsequent week, Ether and different main cryptocurrencies may expertise a brief aid if the Federal Reserve cuts its benchmark rate of interest for the third time this 12 months. 

Ether may retest the $2,600 low.

The ETH/USD every day chart is bearish and environment friendly as Ether has underperformed in latest days. The coin has misplaced 5.5% of its worth since Sunday and is now buying and selling across the $2,840 area. 

If the ETH/USD every day candle closes under the November 21 low of $2,623, the bears may push the worth decrease over the following few hours or days, with the following main help across the June 22 low of $2,111.

The technical indicators stay bearish, with the RSI of 34 suggesting that sellers are in management. The MACD additionally dangers a cross under the sign line, indicating Ethereum remains to be bearish.

Nonetheless, if the bulls recuperate from the latest selloff, Ether may problem the pattern and push in the direction of the $3k psychological stage as soon as once more.