Altcoin Special: Is Ethereum Turning Bearish This Week?
Ethereum (ETH), the second-largest cryptocurrency, recently dropped by 7%, pushing its price below the 200 Exponential Moving Average (EMA). This shift indicates a downtrend.
Understanding the 200 EMA:
The 200 EMA is a key indicator for determining market trends. Assets above this level are generally in an uptrend, while those below are in a downtrend. ETH has dipped below the 200 EMA for the second time since November 2023, first doing so on July 4, 2024, and staying there for six days. Now, it has fallen below this indicator again.
Significant Liquidations:
Traders and investors have liquidated $76.4 million in ETH positions, with $63.16 million from long positions and $13.24 million from short positions, as reported by CoinGlass. At present, ETH is trading around $3,020, having dropped 2.7% in the last 24 hours, hitting a low of $2,988.
Technical Analysis and Future Levels:
Experts suggest that Ethereum’s recent breakdown of the $3,150 support level could lead to a further decline, potentially reaching the next support at $2,880. Open interest (OI) in ETH has also decreased by 2.5%, indicating reduced interest from traders and investors. The ongoing price drop has prompted some investors to sell their holdings, while others are buying.
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