Ethereum’s bearish sentiment has strengthened while the ETH-based investment products in the US ended their four-week outflow streak.
By Wahid Pessarlay
Editor Julia Sakovich
Updated
2 mins read
Ethereum ETH $1 700 24h volatility: 7.9% Market cap: $205.22 B Vol. 24h: $20.39 B is hovering close to its key support levels as its price dived below the psychological $1,800 mark amid market-wide bearish conditions.
ETH dropped to $1,769 earlier today. The leading altcoin is down 19% over the last 30 days and is hovering close to the $1,800 zone at the reporting time.
According to an analysis by BitAcademyWeb, ETH is trading 35% below its 200-day exponential moving average (EMA), an indicator used for evaluating an asset’s bullish and bearish momentum.
If Ethereum falls below the $1,750 critical support level, the next price target would be $1,600. Per the analysis, the second-largest digital currency would need to break the $2,100 resistance to gain further bullish momentum.
Moreover, Ethereum’s downtrend came as the US-based ETH spot exchange-traded funds ended their four-week outflow streak with a net inflow of $4.7 million on Friday, March 28, according to SoSoValue.
These ETH-based investment products have recorded a net outflow of roughly $410 million with a monthly trading volume of $6 billion so far this month.
The last major net inflow of $307.8 million into spot ETH ETFs was recorded on Feb. 4.
The dive below $1,800 triggered $66.5 million in 24-hour ETH liquidations, surpassing Bitcoin’s BTC $91 289 24h volatility: 5.1% Market cap: $1.81 T Vol. 24h: $42.52 B $65.8 million, according to data from CoinGlass.
Over $55 million in ETH liquidations belong to long trading positions and $10.8 million in shorts have been wiped out of the market.
The largest single ETH liquidation order has been registered on Binance, the leading crypto exchange by trading volume, and is worth $13.3 million in ETH-USDT trading pair.
It’s important to note that Ethereum’s price fall coincides with the market-wide bearish sentiment. According to data from CoinMarketCap, the global crypto market capitalization declined by 1.8% to $2.64 trillion.
The total crypto liquidations in the past 24 hours reached $227 million with 78% of them, worth nearly $180 million, being long positions, per CoinGlass.
A market-wide U-turn to the green zone could potentially take ETH with it despite bearish technical indicators.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
