The broader cryptocurrency market has erased the positive aspects it gathered earlier this week.
The cryptocurrency market is buying and selling within the purple zone for the primary time this week. The costs of most cash and tokens and down by greater than 2% during the last 24 hours.
The full cryptocurrency market cap at present stands beneath $1.1 trillion after the market misplaced practically 4% of its worth within the final 24 hours.
Bitcoin, the world’s main cryptocurrency, has misplaced greater than 3% of its worth to date right this moment and has dropped beneath the $23k resistance degree.
Ether stays the second-largest cryptocurrency by market cap, and suffered an enormous loss during the last 24 hours. ETH is down by practically 6% right this moment and at present trades above $1,600 per coin.
The Ethereum bulls could be compelled to defend the $1,500 help degree over the approaching hours because the ecosystem continues to prepare for the Merge.
Key ranges to look at
The ETH/USD 4-hour chart is at present impartial regardless of Ether recording enormous losses during the last 24 hours. The technical indicators present that ETH might quickly enter the bearish zone if the present momentum is maintained.
The MACD line is across the impartial zone after spending many of the week within the optimistic area. Additional bearish motion might see the MACD line enter the destructive territory.
The 14-day relative power index of 47 exhibits that ETH might enter the oversold area if the bears stay in cost.
At press time, ETH is buying and selling at $1,697 per coin. If the bearish run continues, ETH might drop beneath the $1,596 help degree earlier than the top of the day. Nevertheless, ETH ought to preserve its value above the $1,500 help degree within the quick time period.
The bulls would possibly regain management of the market and push ETH in direction of the $1,771 resistance degree over the approaching hours or days. Forward of the Merge, ETH might look to rally in direction of the $2,000 psychological degree within the close to time period.