Ethereum Price Drops to $1,630 Amid Market Liquidations
- Increased Market Volatility: Ethereum's price has fallen approximately 4% in the past 24 hours to $1,630, reflecting a weak risk appetite in the market, while Bitcoin also declined by 4.7% to $61,050, contributing to a 3.5% drop in total crypto market value to around $2.12 trillion.
- Liquidation Impact: The total liquidations in the crypto market reached approximately $468 million over the past day, with Bitcoin's price drop leading to about $130 million in positions being liquidated, highlighting the high leverage risks and potential for continued volatility in the market.
- Technical Resistance Emerges: Analysts indicate that Ethereum is facing resistance in its attempt to reclaim the $1,700 level, and if it fails to break through, it may lead to a further decline towards the key support level of $1,540, increasing market uncertainty.
- Fund Flow Dynamics: Despite a net outflow of $91.37 million from U.S. spot Bitcoin ETFs, Ethereum ETFs attracted $82.37 million in inflows, indicating relative confidence in Ethereum amidst an overall weak market sentiment.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 1 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1241.631 | 1373.655 | 1510.941 | 1642.965 | 1780.251 | 1912.275 | 2049.561 |
| Fibonacci | 1373.655 | 1476.532 | 1540.089 | 1642.965 | 1745.842 | 1809.399 | 1912.275 |
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