Ethereum

Convergence

Major

Divergence

<ul class="wp-block-list">
 <li>Ethereum slipped to $2.6K, plummeting by over 3% over the past 24 hours.</li>
 <li>The technical indicators suggest the incoming bear run.</li>
</ul>
The trading day opened with the cryptocurrency market exhibiting a moderate dip in market cap of 2.23%, positioned at $2.33 trillion, over the last 24 hours. Major cryptocurrencies are priced in red. Notably, the largest asset, Bitcoin (BTC), has briefly entered the bearish zone by losing over 2%.&nbsp;
The largest altcoin, Ethereum (ETH), has <a href="https://thenewscrypto.com/can-ethereum-eth-rebound-as-uptober-momentum-builds/" target="_blank" rel="noopener noreferrer nofollow">recovered</a> from the previous lows and fluctuated between $2.6K and $2.8K for the past few days. Despite these attempts, seemingly ETH is unable to break through crucial resistance levels.&nbsp;
ETH has witnessed a price drop of 3.42% in the past 24 hours. This decline is reflected in the price movement, which currently trades at $2,637. The daily price chart shows the asset’s struggle to maintain the price within the $2.7K mark.&nbsp;
Moreover, ETH recorded the lowest price at $2,616, and the highest at $2,742. Amid this, the market witnessed an ETH <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener noreferrer nofollow">liquidation</a> of $57.55 million as per CoinGlass, and the daily trading volume of ETH has plunged by over 1% to $17 billion, according to CoinMarketCap <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">data</a>.&nbsp;
On the other hand, Ethereum co-founder Vitalik Buterin has recently shared <a href="https://thenewscrypto.com/vitaliks-solutions-for-ethereums-staking-and-block-issues/" target="_blank" rel="noopener noreferrer nofollow">solutions</a> to help Ethereum minimize block production and staking centralization through the “Scourge” phase, addressing the emerging technical and governance challenges.
<h3 class="wp-block-heading" id="h-will-eth-s-bearish-pressure-continue-nbsp">Will ETH’s Bearish Pressure Continue?&nbsp;</h3>
ETH observed a mild gain of 2.15% over the last seven days. The week began trading at the $2,591 mark. The asset’s price has progressed and ranged between $2,668 and $2,610.
Ethereum’s market sentiment is entering the neutral zone, as the daily relative strength index (RSI) is at 45.80. Moreover, ETH’s daily frame exhibits the short-term 50-day moving average at $2,633, above the long-term 200-day moving average at $2,548.
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 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXek1YXF-ec-gVdmBG_eSTlxJlKhgyuuksjSRG7JgdGWdHw_cwhOs6lEEQxwQcHqRsevM_18wSdR4ybIHBckYZtwKK2Vy27l1XamVJR0XfzcyZWob7WMrGxOGya2pRZEaEGZjvAmVdeBIteGJsBWCipaGzQT?key=a8PsO-iaUkZQna79isjp4w" alt="">
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In addition, the four-hour Moving Average Convergence Divergence (MACD) line of ETH falls below the signal line, inferring the ongoing bearish sentiment, and the market can expect the incoming bear run.&nbsp;
Looking ahead, if Ethereum’s price slips below $2.5K, the bearish pressure might trigger the asset to fall further to the $2.3K mark. On the flip side, ETH might climb up if the bears weaken. The asset could rally to a high of $2,790; possibly ETH could hit the $2.9K mark.&nbsp;

Ethereum (ETH) Recovery Stalls at Critical Resistance Levels

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TheNewsCrypto

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