Key takeout
- ETH has grown nearly 2% over the past 24 hours and is currently trading above $3,600.
- The technical indicators show signs of debilitating, suggesting a bearish trend in the coin.
ETH is over $3,600 as BTC soaks up
The cryptocurrency market has been volatile in the past few hours, with Bitcoin falling below the $116K level. Bitcoin has lost almost 2% of its value, and if the selling continues, the risk is below $115,000.
However, ether, the second largest cryptocurrency by market capitalization, is now in the green after adding more than 1% to its value in the last 24 hours. This allowed us to surpass the $3,600 mark.
However, technical indicators suggest signs of weakness, and ETH can cause a sale. The higher time frame chart remains bullish, indicating that buyers are still in control.
If the bearish trend persists, ETH may retry $3K
The ETHE/USD 4-hour chart remains bullish as ether surpasses Bitcoin and other major cryptocurrencies. Prices are also efficient, suggesting that ETH may be preparing for another upward movement.
However, technical indicators for lower time frames are bearish, suggesting selling on the horizon. ETH fell below $3,600, unable to find support around the daily level of $3.730.
However, they recovered positions above $3,600. If the ether falls below $3,500 daily candles, the correction can be retested at $3,000 psychological levels.
A 49 relative strength index indicates that the Bulls are losing control of the market, indicating a decline in bullish momentum.
Furthermore, the MACD indicators of ETH are closely converging, with the green histogram bar dropping, both suggesting bearish appetites.
On the other hand, if ETH's daily candles exceed $3,500, the Bulls can increase their prices in the short term. ETH could potentially retest a $3,730 resistance level in the coming hours or days before aiming for a $4K psychological level.
