ETH Price Sinked 20% In A Day and Slipped Below The 200-day EMA

• ETH coin’s trading volume has surged 240% in the past 24 hours.
• The ETH price declined by 35% in August, showcasing the bears’ grip.

The ETH price looks strongly bearish and has declined by 37% in a week, demonstrating the total domination of sellers. The price was defending the major support level of $2800 since March. However, sellers dragged the price below the crucial support level in the first week of August.

South Korean and Japanese indexes have declined by 6% each. Due to the heavy influence of the Korean market, the cryptocurrency market has performed negatively. 

The Ethereum price recorded a higher swing in March in a broader time frame. After March, the price formed 2 high swings but failed to reach the last-swing high. In August, sellers won the battle, and the ETH coin experienced intense selling pressure.

Ethereum traded at $2,270 when writing, declining 20% in the past 24 hours. Its market capitalization was $274.25 Billion, with a fully diluted market cap of $273.16 Billion. The 24-hour trading volume was $55.38 Billion, which has increased by 250%.

Is Selling ETH Crypto a Good Decision?

A source on X claims that selling Ethereum crypto below $3K is the easiest selling of his life. 

The chart structure demonstrated that the price has slipped below the major support level. 

Could the ETH Price Defend the $2K Hurdle?

The Ethereum price below the major support level has created a bearish sign, and sellers have won the battle. The price has been declining due to resistance from a descending trendline.

The ETH crypto asset price has melted to another strong support level of $2200. Buyers may show interest at this level. Suppose the price forms a bullish candlestick, buying can be seen. Strong buying momentum can be anticipated if the trading volume supports this gain.

On the other hand, if the ETH price slips below the $2K level, profit booking on a larger scale can be seen. Profit booking may lead to strong selling pressure, and sellers may be eyeing the $1600 mark.

Turning to the technical indicators, the Ethereum crypto price was trading below the key moving averages at press time. The RSI has triggered a death crossover and dropped to 18. 

Will the Ethereum Price Rebound or Decline Further?

The ETH price has dropped below critical support levels, signaling a bearish trend. However, there is a possibility of buyers showing interest around the $2200 support level. We may see strong buying momentum if a bullish trend occurs and the trading volume supports it.

Technical indicators suggested Ethereum was trading below key moving averages. The RSI triggered a death crossover, indicating a bearish outlook.

Technical Levels

The bullish trend in the Ethereum price could be interrupted near the $2800 and $3500 levels. The price may take support at $2200 and $1600 levels.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Krystian Bielanski