Ethereum became bearish plunged by 26% in just 24-hours

  • Ethereum on bearish mood has lost its price by more than 26% in the just 24-hours
  • Below the current price level, there is a critical support area at the level of $700
  • With ETH, Bitcoin is also continuing in a bearish momentum

Following the data from the CoinMarketCap, it is observed that the price of Ethereum (ETH) has gained bearish momentum. On Monday, at 04:28 GMT, the world’s second-largest crypto-token was observed trading at the price level of $960.86. At the price level, the token was down by approximately more than 26%. However, this was the most extensive intraday low observed, since March last year, when the crypto market faced a severe crash. 

The recent price performance of the Ethereum token

Following the price charts, it is observed that with the declining price of ETH, the total market capitalization has also plunged to $131.03 billion. However, compared with the all-time high of $147 billion, the total market cap is far by more than 10%. In the last twenty-four hours, Ethereum has traded in between the price range of $944 and $1,257.

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On the other hand, Ethereum was in the bullish momentum over the past seven days and gained approximately 17.86%. However, over the period it traded in the range between $976.9 and 1,347.9. At the current price, the token is still down by approximately more than 33% from it’s an all-time high record, which was created back in 2018.

Support levels below the Ethereum’s price level

According to a Confluence Detector, in the current scenario, Ethereum is facing the worst positioning. Further above the next cap is $970, which is where the 10-day SMA converges. However, below the support zone is near the price level of $910, where the PP one-month R2 and the PP one-month S1 bisects. Besides, the critical support lies at $700, but the 200 SMA may reduce the selling pressure near $770.

Ethereum’s comparison with the performance of Bitcoin

Where Ethereum was drowning in the day, the leading crypto token was also in a bearish mood. At press time Bitcoin was trading at the level of $32,682.62. Following the price range of it is known that the price was down by more than 16% in the last 24 hours. The total market cap of Bitcoin was at $608.41 billion, where the total volume traded was observed at $115.49 billion.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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