Crypto price prediction: Ethereum is on bearish phase, technial indicators suggest

Crypto analysis (Ethereum):

Ethereum's price has been moving in different directions recently. In the past hour, it went down by 0.38%, but over the last 24 hours, it increased by 3.01%. However, looking at the past week, Ethereum’s value has dropped by 2.64%. Right now, Ethereum is priced at $2,119.86 per ETH, and its 24-hour trading volume is around $20.73 billion. Even though the price has seen some recovery, it still remains 51.49% lower than its all-time high of $4,370.22.

The total supply of Ethereum currently in circulation is about 120.59 million ETH. This gives Ethereum a total market capitalization of roughly $255.27 billion. Market capitalization is the total value of all ETH in the market, calculated by multiplying the current price by the number of coins available. Despite fluctuations in price, Ethereum remains one of the leading cryptocurrencies in the industry.

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Over the last 24 hours, Ethereum futures saw $44.63 million in liquidations, according to data from Coinglass. This includes $20.02 million from long positions and $24.61 million from short positions. Liquidations happen when traders' positions are automatically closed due to price movements. This usually indicates high market volatility and can lead to rapid price swings.

Ethereum recently faced resistance at the lower boundary of an upward price channel and struggled to stay above the $2,200 support level. If the price moves back into this channel, it may try to reach the next major resistance at $2,850. However, if Ethereum closes the week below $2,200, it could drop further to find support near $1,500. These key levels will help traders understand the potential direction of the market.

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Technical indicators suggest that Ethereum is currently in a bearish phase. The Relative Strength Index (RSI) is below the neutral level, while the Stochastic Oscillator has entered the oversold zone. This means sellers have been in control, but there are also signs that selling pressure may be slowing down. If buyers step in, Ethereum could see a recovery in the coming days. However, traders should remain cautious and monitor price movements closely.