ETH Price Declines as Crypto Markets Trace a Bearish Trend

Ethereum was on Thursday 26th, still on a bearish trend which marked its start on 23rd August. The current price actions of ETH could open for an even further price plunge or a possible reversal. Also, Ethereum’s price patterns impacted top DeFi coins. 

Ethereum Price Analysis

Ethereum, the second-largest crypto by market cap, was on Thursday, still on a bearish trend. According to coinmarketcap, ETH lost about 4.18% of its price in 24 hours between 25th and 26th of this month. Currently, Ethereum is trading at $3110. 

Ethereum’s trading volumes are also down 5% today, and the market dominance slightly dropped to 18%. Generally, the coin seems like it’s drawing back to its most immediate support, which is $3111. Another strong pivotal support point for Ethereum is at $3015. Since Ethereum is already breaking out past $3111, the coin is open to an even further and speedy drop. 

If the coin surpasses the $3015 support, Ethereum could go down even further to $2947. Since the current statistics show that Ethereum’s volumes are reducing, the drop is possible in the coming weeks. However, Ethereum has an excellent chance of recovering soon. 

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Could Ethereum Recover?

Before the most recent bearish, Ethereum was continuously recovering from the low price of $2500. So, could the coin start to retrace? Yes, a retracement is possible to occur. More people could purchase this coin if Ethereum drops past the first support level and towards the second. 

As the trading volumes increase, will the price of Ethereum start retracing? However, ETH will still have to face a strong resistance level to reach its monthly high of over $3380. The primary resistance will be at $3227 and another one at $3345. 

Looking at the technical analysis, in the past 24 hours, Ethereum has been in an almost neutral market situation. Earlier in the day, more people were demanding(buying) the coin. In the past 4 hours, more investors are selling. If the coin goes past the first support, the market situation could change to a ‘buy’ or ‘strong buy. At that point, Ethereum will have a chance of recovering and even going to $3500 or hit $4k next month. 

DeFi Coins and the Crypto World Retracting

Top DeFi coins also see the impact of the Ethereum price plunge, with some high recording losses. In the past 24 hours, Uniswap made a 5% price tanking, while Aave dropped by nearly 8%. The recent Ethereum bearish shows just how much of an impact Ethereum has on DeFi tokens. 

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Bitcoin

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price

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price change

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However, this price plunge is following the price trend of the market leader, bitcoin. Therefore, not just Ethereum and its Defi coins, but the entire crypto market has been continuously losing in the past few days. In the past 24 hours, the crypto space lost 4.21% of its value.