Ethereum (ETH), the world’s second-largest cryptocurrency, is facing a steep decline today. Its price currently hovers around $2,462, after losing more than 5.65% in the past 24 hours. This drop comes as the overall crypto market capitalization fell by 2.01%, landing at $3.22 trillion.
The leading altcoin has now wiped out its recent gains, raising concerns among investors about whether a deeper downturn may be imminent.
💥 From Euphoria to Sell-Off: Market Reverses Fast
At the start of the day, Ethereum surged to a daily high of $2,640.60 as bulls briefly took control. However, the momentum quickly reversed, with ETH plunging to a low of $2,387.61, suggesting bears have regained dominance.
As of now, Ethereum is trading around $2,462.74, with a market cap of approximately $297 billion.
Interestingly, while the price dropped, daily trading volume jumped by over 66%, reaching $28.13 billion. According to data from Coinglass, nearly $285 million worth of ETH positions were liquidated, pointing to significant sell-side pressure.
📉 Technical Indicators Flash Bearish Signals
Several technical indicators now suggest that further downside may lie ahead:
🔹 The MACD on the ETH/USDT pair has crossed below the zero line, a common sign of building bearish momentum.
🔹 The Chaikin Money Flow (CMF) is at -0.14, indicating capital outflows from the market.
🔹 The Bull Bear Power (BBP) stands at -164.43, highlighting strong bearish sentiment.
🔹 The RSI, currently at 36.02, suggests Ethereum is nearing oversold territory, which could bring more weakness before a reversal.
🔮 What’s Next? Key Levels to Watch
If the downward pressure continues, ETH may test the next support near $2,425. A deeper correction could bring prices down to $2,407 or even lower. Should this bearish momentum persist, it could trigger a death cross — a bearish long-term technical signal.
However, if the market regains confidence and ETH builds positive momentum, the token could attempt to reclaim resistance at $2,480. A strong breakout above this level might pave the way for a move beyond the $2,500 mark, especially if bullish signals strengthen.
Ethereum is at a critical crossroads. Whether it holds above support or breaks lower into a more severe correction depends on how the market reacts in the coming hours.
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