The altcoin leader ETH price started 2024 on a strong note by adding more than 79.34% in valuation, resulting in the price hitting a high of $4,094.75. After trading sideways for a while, the bulls lost momentum and the price has been trading under bearish influence ever since.
Furthermore, the global market capitalization of the cryptocurrency industry registered a 9.87% correction in the past day, dropping its valuation to a two-month low of $2.10 trillion.
Ethereum token breaks down its key support levels:
Ethereum price continues to show strong bearish influence, recording a 9.55% correction over the past day. Furthermore, the ETH token has fallen by 12.64% in the past week and by 19.48% in the past 30 days, highlighting the growing apathy among investors towards the ETH token.
After breaking the symmetrical triangle pattern, the ETH token has formed a descending channel pattern and continues to trade within it, indicating a bearish outlook for altcoin leaders going forward.
The technical indicator MACD shows an increasing red histogram, indicating increasing selling pressure within the cryptocurrency space. Additionally, the averages are showing a bearish convergence, suggesting that prices will continue to lose value this week.
Will the price of ETH ever return?
If the market regains momentum, Ethereum price will test the $3,150 resistance level. Holding the price at that level would set the ETH price to test the $3,500 resistance level in the coming weeks.
However, if the bears continue to hold power against the bulls, the Ethereum token will continue to trade under bearish influence and plunge further down to test its key support level at $2,631.50.
Also check out: Crypto Market Crash Gets Worse, Major Altcoins Drop Nearly 40%
