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Is Ethereum [ETH] Gliding Down Below $1K?



While some coins prevailed during the recent bull run, a few other assets like Ethereum [ETH] failed to hit its all-time high. Just yesterday, the overall market cap, as well as the price of the cryptocurrencies, took a huge jump earthwards. Bitcoin [BTC], for one, had a steep fall as its price slumped below $30k after a long time and after the last seven days, it depleted down by 14.65%. XRP was also influenced by this bearish trend as it was stripped down to $0.27.

Ethereum [ETH] had a tough fall from a high of over $1.4K to $1,180, at the time of writing. The asset was dropping by over 11% in the last 24-hours which was higher than most coins. ETH, however, did not give up its position as the second-largest cryptocurrency. During press time, the market cap of ETH was at $142 billion.

Ethereum [ETH] Four-Hour Price Chart


The Ethereum [ETH] market was seen onboarding the bears. The Bollinger Bands indicator was seen diverging which suggested that ETH was in for an increase in its volatility. The four-hour price chart of ETH was going to experience fluctuations in its price. However, the MACD indicator affirmed that this fluctuation wasn’t for the best. The MACD line remained below the signal line causing a bearish crossover.


Additionally, after a long stay in the overbought zone, ETH was finally seen dropping down. The Relative Strength Index [RSI] indicator was seen down in the sellers’ zone as the RSI marker was at 42 median. So it was all bears for the altcoin.

Furthermore, despite this downfall, ETH was seen reigning as the ETH wallets in loss had recently hit a low. However, the number of ETH addresses holding 100+ coins also hit a 6-month low of 50,331, Glassnode revealed. This metric was seen on a downhill journey as the previous 6-month low was observed earlier today.