Will the Bears Push It Lower or Stall at the $3K Line?
The post Will the Bears Push It Lower or Stall at the $3K Line? appeared on BitcoinEthereumNews.com. Ethereum (ETH) is currently trading at around $3K. The market has experienced liquidations totalling $196.77M. Today, the bearish market opened the day without any change in the overall momentum. All the major crypto assets are immersed in extreme fear, resulting in their prices losing traction, slipping to their former lows. The largest asset, Bitcoin (BTC), is currently hovering at $91.8K, on the downside, and the largest altcoin, Ethereum (ETH), continues to trade in the red zone. Will the active negative outlook sustain and trigger ETH to see more downside? The asset has posted a loss of over 2.81%. It traded at a high range of $3,103.55, and with the bearish encounter in the ETH market, the price likely plummeted to a bottom of $2,871.23. The potential bears are staying with the asset, blocking the possible upward moves. At the time of writing, Ethereum traded at around the $3,002.59 mark, with its market cap resting at $364.53 billion. In addition, the daily trading volume is up by over 19.06%, reaching the $39.01 billion zone. Notably, according to the Coinglass data, the market has experienced a liquidation of $196.77 million worth of ETH during the last 24 hours. Could Ethereum Bounce Back Soon or Stay in the Red? The ETH/USDT pair’s Moving Average Convergence Divergence (MACD) and signal lines are positioned below the zero line. It shows the weak momentum. The overall trend may be running downward, even if short-term moves try to bounce. Besides, the Chaikin Money Flow (CMF) indicator of Ethereum found at 0.04 hints at a slightly positive buying pressure. The money flow is mildly bullish, and the momentum can shift quickly as it is a small tilt toward accumulation. Moreover, ETH’s daily Relative Strength Index (RSI) is settled at 43.45, indicating a brief bearish to neutral momentum, not…