Ethereum trades at $3.1K, down by 3.70% over the last 24 hours.
ETH’s fear and greed index suggests neutral sentiment in the market.
The crypto market exhibits a bearish sentiment followed by the unchanged Fed rate. Bitcoin has dropped by 3%, and the largest altcoin, Ethereum, recorded a similar downside price action by falling over 3.70%. A low has formed near $3,136, indicating a negative outlook.
The price drop of ETH can also be aligned to the substantial outflows from the Ethereum Grayscale Trust. On Wednesday, another substantial outflow of $77 million was noted. When spot BTC ETFs were launched, in the early weeks the price of Bitcoin experienced a decline accompanied by significant outflows. Meanwhile, over the last 24 hours, Ethereum observed a $62.14 million liquidation as per coinglass data.
Is the Nearby Resistance Breakable?
Analysing the monthly price chart, Ethereum was down by 8.52%, hitting a monthly low of $2,850. Later, the price climbed to $3,543. At press time, ETH traded at $3,188, with a market cap of $383 billion. Meanwhile, the daily trading volume has increased by 36.35% and stands at $18.73 billion, according to CMC data.
The daily relative strength index (RSI) stands at 42.60, suggesting the asset is close to the neutral zone. Both the short-term 9-day and 21-day moving averages are found above the current price at $3,259 and $3,339, respectively, indicating bearish momentum.
ETH price chart (Source: TradingView)
If the leading altcoin bulls follow the bullish momentum, the initial resistance is likely to be found at $3,323. Furthermore, it might test a higher resistance at the $3.5K range if the bulls persist. If the ETH bulls could not conquer the bears, the price might fall to $2,999. The subsequent support may be found at the $2.8K level.
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