coinjournal.net
Key takeaways
- $ETH is up nearly 2% in the last 24 hours and now trades above $3,600.
- Technical indicators are showing signs of weakness, suggesting a bearish trend for the coin.
$ETH stays above $3,600 as BTC dips
The cryptocurrency market has been volatile over the last couple of hours, with Bitcoin dropping below the $116k level. Bitcoin lost nearly 2% of its value and now risks dropping below $115k if the selloff continues.
However, Ether, the second-largest cryptocurrency by market cap, is currently in the green after adding more than 1% to its value in the last 24 hours. This allowed it to top the $3,600 mark.
However, the technical indicators are suggesting signs of weakness, and $ETH could experience a selloff. The higher timeframe chart remains bullish, indicating that the buyers are still in control.
$ETH could retest $3k if the bearish trend persists
The $ETH/USD 4-hour chart remains bullish as Ether outperforms Bitcoin and some other leading cryptocurrencies. The price is also efficient, suggesting that $ETH could be getting ready for another upward movement.
However, the technical indicators on the lower timeframe are switching bearish, suggesting a selloff on the horizon. $ETH failed to find support around the daily level of $3.730 and declined below $3,600.
$ETH/USD 4H Chart">
However, it has recovered its position above $3,600. If Ether closes below the $3,500 daily candle, it could experience a correction to retest the $3,000 psychological level.
The Relative Strength Index of 49 shows that the bulls are losing control of the market, indicating a fading bullish momentum.
Furthermore, $ETH’s MACD indicator is converging closer together, and the green histogram bars are also falling, both suggesting a growing bearish appetite.
On the flipside, if $ETH’s daily candle closes above $3,500, the bulls could push the price higher in the near term. $ETH could retest the $3,730 resistance level in the coming hours or days before aiming for the $4k psychological level.