Yalla-JABREEL_CRYPTO - Despite a slight recovery in the cryptocurrency market's market cap, Ethereum (ETH) remains volatile amid bearish sentiment. While Bitcoin is trading around $94,300, Ethereum has re-entered the $1,800 range, raising questions about the ability of buyers to lead an upcoming rally.

Ethereum remains in negative territory at the beginning of the day. Ethereum traded as low as $1,793 before gradually $ETH climbing to $1,832, and then returning to $1,802 at the time of writing. Despite attempts to rise, the downtrend remains dominant.

Daily trading volume increased by 9.46% to approximately $10.99 billion, while $21.12 million worth of Ethereum was liquidated during the same period, according to Coinglass data.

Ethereum Whale Activity Raises Anticipation After a 6-month hiatus, an Ethereum "whale" withdrew 1,700 ETH from Binance, worth an estimated $3.1 million. This brings his total holdings to 5,000 ETH, with an unrealized loss of $3.6 million, highlighting the market's uncertainty.

Can ETH break the downtrend? On the 4-hour chart, technical indicators remain bearish:

The MACD is showing a clear negative crossover below the zero line, reinforcing the possibility of a continued decline.

The Cryptocurrency Money Flow Index (CMF) at -0.09 indicates an outflow of capital from the market, with selling forces outweighing buying forces.

The Relative Strength Index (RSI) at 44.36 reflects a neutral-to-bearish scenario.

The BBP at -19.95 supports the hypothesis of bearish dominance.

If selling pressure continues, the price could return to $1,780, and may reach $1,600 if a Death Cross occurs. If the bullish wave recovers, the price could rise to the $1,842 resistance level, then target the $1,900 barrier, with the possibility of reaching the main target at $2,000.

The post Will Ethereum Bulls Succeed in Breaking the $2,000 Barrier or Are They Stuck in a Downward Spiral? appeared first on Yalla Crypto.

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