During the recent bloodbath, ETH price lost some significant support levels, like 200 EMA, psychological $3600, price pattern support. Today ETH price showed a sharp decline, breaking the 0.5 Fibonacci retracement level, indicating that the correction phase is expanding.
Main technical points:
- Daily RSI slips into the oversold zone
- ETH price chart shows a bearish crossover of the 50 and 200 EMA
- Ethereum’s 24-hour trading volume is $15.7 billion, showing a 17.84% increase.
The source-Tradingview
We have previously reported ETHUSD The pair collapsed from the falling wedge pattern of the daily timeframe chart. On January 5, the bearish candle broke the support trendline and the $3600 horizontal level, creating a short-term opportunity for crypto traders.
Furthermore, the bloodbath in the crypto market boosted selling pressure and dropped the coin’s price to $3000. The technical chart shows four consecutive red candles, forecasting a drop of about 20% in a week.
The key DMA levels (20, 50, 100, and 200) indicate a bearish bias for ETH. Furthermore, the 50 and 200 DMA crossover, could attract more sellers into the market.
The daily relative strength index (RSI) of 27 has suddenly entered the overbought zone, showing the intensity of selling pressure.
ETH price may retreat to retest $3000
The source- Tradingview
Child ETH price is currently trading at $3168, with an intraday gain of 2.81%. The recent downside bounce broke another support, the 0.5 Fibonacci retracement level, giving the sellers an added edge in the market.
ETH price may return to stabilize the rapid decline and also retest the new resistance at $3272. Sustained below this level, the price will resume selling.
The traditional pivot level indicates key resistances for Ethereum price at $3100, followed by $3570. For the flip side, the support levels are at $3000 and $2750.
Ethereum Online Chain Update
While the ETH price is expected to fall further according to technical analysis, here are the main Ethereum chain updates over the past 24 hours:
- The number of ETH addresses holding more than 0.01 ETH has just hit an all-time high of 20, 786,720 addresses. Considering that much of this aggregation took place while Ethereum trended towards an all-time high, the number of addresses losing money is also at a 14-month high.
- Ethereum miner revenue hits three-month low while mining difficulty just hit an all-time high of 12,797.639,925,265,700. Miners are still holding on to ETH as miner outflows hit a 5-month low.
- The total value locked in ETH 2.o hit an all-time high of 8,979,650 ETH.
Source: Glassnode