The Ethereum (ETH) market has been under negative pressure over the past 24 hours, with the price dropping from an intraday high of $1,679.76 to an intraday low of $1,651.96. This undesirable pattern can be a result of both investor profit-taking and a more extensive market correction. At the time of publication, ETH was buying and trading for $1,665.11, showing a slight recovery from its intraday low.
If negative momentum crosses the $1,651.96 assist level, the next level to watch is around $1,620. However, ETH could recoup its previous highs and aim for the $1,700 barrier stage if the market mood changes and positive momentum takes hold.
ETH’s market capitalization dropped to $200,164,575,545 during the bear market, while its 24-hour trading volume increased by 7.87% to $4,621,631,140. Despite the decline in market capitalization, the increase in trading volume shows that there is still interest in and activity surrounding ETH.
The Relative Energy Index (RSI) is 37.04 and heading up on the ETH/USD value chart, suggesting a possibility of a swift positive turnaround. This sample suggests that ETH may have enough momentum to surpass the $1,700 barrier stage and recapture its previous highs. Additionally, a rise in sales volume in a bearish market could indicate stronger consumer demand and potential investment accumulation.
With a rating of -16.72, the Shifting Common Convergence Divergence (MACD) pattern is positive and suggests that momentum may be shifting in the direction of the bullish side. The possibility of breaking through the $1,700 barrier stage would increase if the MACD blue line entered the positive territory, which would indicate a stronger bullish pattern.
Despite having a reading of -0.08, the Chaikin Cash Stream (CMF) is improving and moving closer to positive territory, which increases the possibility of a bullish turnaround. This sample demonstrates that buying pressure is growing, possibly enhancing the market’s bullish momentum. The rising buying pressure would be confirmed, enhancing the bullish perception, if the CMF remains in positive territory and crosses over the zero line.
Market movement above its sign line and a Know Certain Factor (KST) score of -35.4196 indicate a likely reversal of the bullish pattern. A transfer over the sign line indicates that positive momentum is gaining traction. The KST is a momentum indicator that measures the pace of change of value actions. If the KST rises more, it might demonstrate the market’s escalating optimism.
