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- Ethereum has seen a liquidation of over $45.4 Million with the latest CPI gains and cooling of Inflation
- ETH coin price technical indicators are favoring a downside trend. ETH/BTC pair has seen a drop of over 2.19% in the intraday session
Ethereum has seen a strong decline from its major resistance of $1350 and is trading below $1250. ETH has seen a liquidation of over $45 million due to the post CPI gains. Recently US Bureau of Labor Data has indicated that the Inflation is still rising but the pace of it has been cooling down. FED attempts to cool down has been showing effect and the crypto market has reacted accordingly. Meanwhile the Co founder of Ethereum Vitalik Buterin has recently urged people to go for the tech and not the price. ETH shorts has seen a strong increase across various exchanges. This might push the Ethereum price below the crucial level.
Ethereum has a total market of $148,515,603,749 and has seen a decline of over 4% in the intraday session. The volume of ETH has seen a drop from $8 Billion to $7 Billion in the past 24 hours. Volume to market cap ratio of ETH suggests a consolidated trend in price.
Bears Are Increasing Their Grasp In ETH
The weekly technical chart of the Ethereum suggests a consolidated trend in price. On coming to the daily chart ETH crypto price is currently trading near $1212 with a fall of over 4%. It has formed big red candle in the past few hours. ETH coin price upside trend can see a halt near the value of $1300. Meanwhile, the bounceback can be seen near $1000. The asset price is currently trading below the 50 and 100 Daily Moving Average. There can be a negative crossover in the asset price which can push the asset price to a new low.
Conclusion
Ethereum has seen a strong fall with the Post CPI gains. ETH has seen a liquidation of over $45 Million in the past 24 hours. ETH crypto price is currently in a downside trend and can soon see a reversal.
Technical Levels
Major Support:$1000
Major Resistance:$1350
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
