Key takeout
- Crypto Market recorded a loss over the weekend, with ETH falling below $4,100 in a short time.
- Major altcoins can lower below $4K if the bearish trend continues.
Ether is below $4,100 as the market experiences large dips
The crypto market has started a new week falling as Bitcoin and other major cryptocurrencies recorded losses. Bitcoin, the leading cryptocurrency by market capitalization, has dropped $1,12,000 for a short time, resulting in a long liquidation of over $1 billion within the last 24 hours.
This led to Altcoins having a huge loss. Ether, the leading altcoin by market capitalization, has declined by 6% over the past 24 hours. The ETH fell below $4,100 in a short time, but has since bounced back and is now trading at over $4,200 per coin.
Despite a slight recovery, the market situation remains bearish and ether may record further losses in the short term.
Powell’s speech on Tuesday could show traders that the Fed’s policy will move forward following interest rate cuts last week.
Ether indicators suggest further sales pressure
ETH/USD’s 4-hour chart is bearish and efficient as it has lost 6% of its value in the last 24 hours. Ether closed its daily support level at $4,488 on Friday, but has since declined.
It was heavily soaked in $4.067 on Monday, but it bounced slightly and is trading at $4,203 per coin. The 40 RSI is below neutral levels, showing strong bearish momentum. MACD also showed bearish crossovers over the weekend, suggesting bearish momentum ahead of it.
If the decline continues and ether closes daily support at $4,232, it could immerse you in your next support at $3,593.
However, if Ether holds prices above the 4K level, it could expand its recovery to $4,488, directing daily resistance. The extended bullishness will allow ETH to reach TLQ levels of $4,633 over the next few days.
Market conditions remain volatile, with traders eagerly anticipating Powell’s speech on Tuesday.
