Key takeaways
- ETH is down 5.5% and is now trading under $2,900.
- The main altcoins might perhaps perhaps perhaps document extra losses amid renewed bearish momentum.
The cryptocurrency market is initiating one other month bearish after the heart-broken performance recorded by Ether and other valuable money in November. Ether recorded a temporary reduction final week, hitting the $3k psychological stage.
Alternatively, the most fresh beneficial properties hold been worn out, with Ether now trading spherical $2,800 after losing 5.5% of its cost within the final 24 hours. The negative performance saw over $140 billion worn out from the crypto market at some stage in that length, with the total market cap now under $3 trillion.
Furthermore, the bearish performance saw over $500 million value of leveraged positions liquidated within the final 24 hours, with Binance, Bybit, and Hyperliquid accounting for 90% of the total liquidations.
Ether and other valuable cryptocurrencies might perhaps perhaps perhaps face extra selling stress within the shut to term. Alternatively, with the Fed’s FOMC assembly slated for next week, Ether and other main cryptocurrencies might perhaps perhaps perhaps journey a temporary reduction if the Federal Reserve cuts its benchmark hobby rate for the third time this one year.
Ether might perhaps perhaps perhaps retest the $2,600 low.
The ETH/USD daily chart is bearish and ambiance pleasant as Ether has underperformed in most fresh days. The coin has lost 5.5% of its cost since Sunday and is now trading spherical the $2,840 space.
If the ETH/USD daily candle closes under the November 21 low of $2,623, the bears might perhaps perhaps perhaps push the value decrease over the following few hours or days, with the following valuable enhance spherical the June 22 low of $2,111.
The technical indicators remain bearish, with the RSI of 34 suggesting that sellers are in control. The MACD moreover risks a incorrect under the label line, indicating Ethereum is gentle bearish.
Alternatively, if the bulls rep better from the most fresh selloff, Ether might perhaps perhaps perhaps field the trend and push in the direction of the $3k psychological stage as soon as again.
