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🔹Ethereum price crash: Here’s why ETH is down today
🔸After nearly a month in the green, Ethereum price has come with the market’s second-largest cryptocurrency reversing sharply from its recent highs.
🔸The price of Ethereum has seen it slip approximately 5% over the past 24 hours, trading slightly under $4,255 at the time of writing per market . The day’s decline extends the downturn that commenced over the weekend, marking a 10.6% drop from its this month’s peak above $4,759.
🔸The drop in Ethereum’s price marks a strong reversal of its multi-day rally just last week, which lifted this month’s gains above 60%. But what’s driving the pullback?
🔹Why is Ethereum down?
🔸While the long-term outlook for ETH remains strong, near-term signals are mixed. From a technical perspective, ETH is holding just above the 20-day EMA at $4,134. If it fails to hold up this level, it could face further downside, with the next major support sitting at the 50-day EMA around $3,651.
🔸Further breakdown beyond that next support would mark a deeper correction, potentially erasing much of the recent rally’s gains.
🔸At the same time, momentum indicators are showing caution. The Relative Strength Index (RSI) has cooled to 58, down from overbought territory above 70 earlier this month. This suggests buyers are losing steam and the market is shifting toward a more neutral setup.
🔸To regain bullish traction, ETH would need to reclaim $4,500 to signal renewed strength, and a push beyond $4,750 to $4,800 remains the key hurdle before any attempt at fresh highs.
#TopContentChallenge#
🔸After nearly a month in the green, Ethereum price has come with the market’s second-largest cryptocurrency reversing sharply from its recent highs.
🔸The price of Ethereum has seen it slip approximately 5% over the past 24 hours, trading slightly under $4,255 at the time of writing per market . The day’s decline extends the downturn that commenced over the weekend, marking a 10.6% drop from its this month’s peak above $4,759.
🔸The drop in Ethereum’s price marks a strong reversal of its multi-day rally just last week, which lifted this month’s gains above 60%. But what’s driving the pullback?
🔹Why is Ethereum down?
🔸While the long-term outlook for ETH remains strong, near-term signals are mixed. From a technical perspective, ETH is holding just above the 20-day EMA at $4,134. If it fails to hold up this level, it could face further downside, with the next major support sitting at the 50-day EMA around $3,651.
🔸Further breakdown beyond that next support would mark a deeper correction, potentially erasing much of the recent rally’s gains.
🔸At the same time, momentum indicators are showing caution. The Relative Strength Index (RSI) has cooled to 58, down from overbought territory above 70 earlier this month. This suggests buyers are losing steam and the market is shifting toward a more neutral setup.
🔸To regain bullish traction, ETH would need to reclaim $4,500 to signal renewed strength, and a push beyond $4,750 to $4,800 remains the key hurdle before any attempt at fresh highs.
#TopContentChallenge#
