The broader cryptocurrency market has erased the positive aspects it amassed earlier this week.
The cryptocurrency market is buying and selling in the pink zone for the first time this week. The costs of most cash and tokens and down by greater than 2% over the final 24 hours.
The whole cryptocurrency market cap at present stands below $1.1 trillion after the market misplaced almost 4% of its worth in the final 24 hours.
Bitcoin, the world’s main cryptocurrency, has misplaced greater than 3% of its worth up to now in the present day and has dropped below the $23k resistance level.
Ether stays the second-largest cryptocurrency by market cap, and suffered an enormous loss over the final 24 hours. ETH is down by almost 6% in the present day and at present trades above $1,600 per coin.
The Ethereum bulls can be compelled to defend the $1,500 help level over the coming hours as the ecosystem continues to prepare for the Merge.
Key ranges to observe
The ETH/USD 4-hour chart is at present impartial regardless of Ether recording enormous losses over the final 24 hours. The technical indicators present that ETH could quickly enter the bearish zone if the present momentum is maintained.
The MACD line is round the impartial zone after spending most of the week in the constructive area. Further bearish motion could see the MACD line enter the detrimental territory.
The 14-day relative power index of 47 exhibits that ETH could enter the oversold area if the bears stay in cost.
At press time, ETH is buying and selling at $1,697 per coin. If the bearish run continues, ETH could drop below the $1,596 help level earlier than the finish of the day. However, ETH ought to keep its value above the $1,500 help level in the brief time period.
The bulls may regain control of the market and push ETH in direction of the $1,771 resistance level over the coming hours or days. Ahead of the Merge, ETH could look to rally in direction of the $2,000 psychological level in the close to time period.
