The altcoin leader, ETH price, started 2024 positively by adding over 79.34% in valuation, resulting in the price recording a high of $4,094.75. After trading sideways for a while, the bulls lost momentum and since then, the price has been trading under a bearish influence.
Moreover, the global market cap of the crypto industry has recorded a correction of 9.87% within the past day, resulting in its valuation falling down to a two-month low of $2.10T.
Ethereum price continues to display a strong bearish influence by recording a correction of 9.55% within the past day. Moreover, the ETH token has lost 12.64% within the past week and 19.48% over the past 30 days, highlighting a rising disinterest of investors in it.
After breaking down its symmetric triangle pattern, the ETH token has formed a falling channel pattern and continues to trade within it, indicating a bearish outlook for the leader of altcoins in the coming time.
The technical indicator, MACD, shows a rising red histogram, indicating an increase in the selling pressure within the crypto space. Moreover, the averages display a bearish convergence, suggesting the price will continue losing value this week.
If the market regains momentum, the Ethereum price will test its resistance level of $3,150. Maintaining the price at that level will set the stage for the ETH price to attempt to test its upper resistance level of $3,500 during the upcoming weeks.
However, if the bears continue to hold power over the bulls, the Ethereum token will continue trading under a bearish influence and plunge to test its crucial support level of $2,631.50 in the coming time.
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