Ethereum Faces Bearish Pressures Amid Large Transactions and Support Retests
Ethereum has experienced notable turbulence in the past 24 to 72 hours. The cryptocurrency is currently trading around $2,400, showing signs of continued bearish pressure. Recent large-scale transactions, including a 35,000 ETH sale by the Ethereum Foundation and movements by hackers, have added to market instability. The Ethereum Foundation’s sale of ETH has raised concerns, signaling potential bearish sentiment in the short term, while a hacker transferring 3,000 ETH to a privacy service further spooked the market.
Technical Analysis and Outlook
Ethereum’s key support is hovering around $2,400, with critical resistance near $2,850. If Ethereum fails to maintain this support level, the next leg down could push the price toward $2,200. On the technical front, indicators such as the Relative Strength Index (RSI) suggest the asset is approaching oversold conditions, which might indicate a potential recovery, but current market sentiment remains bearish.
Read More: https://onthenode.com/cryptocurrency/ethereum-faces-bearish-pressures-amid-large-transactions-and-support-retests
Ethereum has experienced notable turbulence in the past 24 to 72 hours. The cryptocurrency is currently trading around $2,400, showing signs of continued bearish pressure. Recent large-scale transactions, including a 35,000 ETH sale by the Ethereum Foundation and movements by hackers, have added to market instability. The Ethereum Foundation’s sale of ETH has raised concerns, signaling potential bearish sentiment in the short term, while a hacker transferring 3,000 ETH to a privacy service further spooked the market.
Technical Analysis and Outlook
Ethereum’s key support is hovering around $2,400, with critical resistance near $2,850. If Ethereum fails to maintain this support level, the next leg down could push the price toward $2,200. On the technical front, indicators such as the Relative Strength Index (RSI) suggest the asset is approaching oversold conditions, which might indicate a potential recovery, but current market sentiment remains bearish.
Read More: https://onthenode.com/cryptocurrency/ethereum-faces-bearish-pressures-amid-large-transactions-and-support-retests
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