Bearish Cloud Over Ethereum, Can It Break Through?
The crypto market continues to remain under the control of the mighty bears. Major assets had begun to recover but have since lost their recent gains. Following the suit, the largest altcoin, Ethereum (ETH), has posted a notable 4.92% loss.
The bearish zone of ETH seems strong enough to resist the emergence of bulls. The asset opened the day trading at around a peak of $1,624. Later, the bears arrived and pulled the price back toward $1,474.
At the time of writing, Ethereum traded within the $1,543 range, with the daily trading volume reaching $20.87 billion. Furthermore, the market has observed a liquidation of $89.34 million worth of Ethereum as per Coinglass data.
Notably, a newly created wallet accumulated 9,610 ETH worth $14.54 million. Initially, the wallet withdrew a total of 5,000 ETH from Kraken, used it as collateral on Spark to borrow $7 million in USDS. Later purchased an additional 4,610 ETH at an average price of $1,518.
When Will ETH Bulls Wake Up?
Ethereum’s active downtrend continues, with the price likely to retrace toward the support range of $1,493. The reinforced bears could extend the loss, pushing the asset for more downside correction to $1.3K or even lower.
Assuming a wake of bulls that trigger an upside move, the price might climb to $1,596. Breaking this level could support the bullish wave and send Ethereum to the $1,642 range. The asset may continue to recover.
