Crypto News

Ethereum’s [ETH] Chances Of Moving Past $2.5K Are Bleak As Bears Seep Into Its Market

Immense bloodshed was noted in the crypto market. Several coins like Bitcoin [BTC], Ethereum [ETH], XRP, and an array of others were robbed of their gains that they achieved over the last couple of weeks. Bitcoin, however, recorded a massive drop from a high of $64K to a low of $48K. The overall market cap also took a hit as it plummeted to $1.77 trillion.

Ethereum [ETH], over the last couple of days, exerted a notable performance. The altcoin rose to an all-time high of $2,641.09, just yesterday, despite the bearish sentiment that had struck the market. However, dropping down by 15.54% the asset landed back below $2,500. At the time of writing, ETH was trading for $2,255 with an 8.26% dip in the last 24-hours. ETH’s dominance over the crypto industry was at a high of 14.4%. Additionally, the market cap of the altcoin was noted at $253.38 billion.

Ethereum [ETH] Four-Hour Price Chart On Coinbase


ETH’s chances of reaching $2.6K once again were quite bleak as the bears had taken over its market. The Bollinger Bands indicator pointed out a possible increase in volatility as the bands were quite apart. This volatility was considered unfavorable for the altcoin as the Awesome Oscillator rolled out red closing bars on the four-hour price chart of ETH.

Furthermore, with all the indicators pointing out at the bears, Ethereum [ETH] seemed to be mirroring the ongoing sentiment in the market. Additionally, a sellers’ market was announced by the Relative Strength Index indicator as the marker was down by the 50 median.

The fall in Bitcoin’s dominance and the surge in the emergence of altcoins urged the crypto community to speculate the beginning of an alt season. Ethereum’s price change over the last couple of days even had people suggesting that the altcoin would do to “Bitcoin what Facebook did to Myspace.”

Additionally, ETH’s gas prices have always seemed to have caused a problem in the past. However, amidst this extreme volatility, the gas price was noted at 140.02 Gwei.

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