A bearish mood might have arrived on the cryptocurrency market as some coins have entered the correction zone.
The total market capitalization has also been affected by the drop of some coins. As a result, the index has gone down by around $5 billion.
The relevant Ethereum data for today:
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Name: Ethereum
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Ticker: ETH
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Market Cap: $73,875,614,177
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Price: $647.69
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Volume (24h): $21,485,580,784
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Change (24h): -2.22%
The data is relevant at press time.
ETH/USD: Is there enough power to get the leading altcoin to $700 from current levels?
Yesterday morning, the price of Ethereum (ETH) continued to rise and, in the afternoon, it updated its annual record to $677. In the evening, sales volumes rose sharply and price volatility increased.
After midnight, volumes began to decline and, this morning, the price has consolidated around the $640 mark. If the market continues to be bullish, the ETH price will continue to rise, and the pair may reach the upper border of the green ascending channel before the end of the weekend.
On the 4H time frame, bears are about to seize the initiative as buyers have failed to fix above $660. Thus, there is almost no liquidity at the current levels, suggesting that sellers can push the price of the chief crypto to the closest support at $626 soon.
Moreover, a bearish divergence has been formed on the RSI indicator.
In the longer term, Ethereum (ETH) is likely to face a more profound decline as buyers have no intention to go to $700 based on the liquidity level. In this case, the drop may continue to around $600.
Ethereum is trading at $639.60 at press time.