Ethereum (ETH) is having a rough time. It’s trading below $1,900, and things look pretty bearish.
A Deep Dive into the Bear Market
After losing the crucial $2,000 mark, ETH plummeted to its lowest point since October 2023 – a painful $1,750. This shows serious selling pressure. The bulls need to step up and defend the current price floor to avoid a further drop and regain investor confidence. The market’s shaky, and there’s not much buying interest right now. If the bulls fail, ETH could fall even further.
On-Chain Data Points to Continued Selling
Data from CryptoQuant shows that Ethereum’s Net Taker Volume is low, meaning there’s a lot more selling than buying. This confirms the bearish sentiment. The next few days are crucial. If the bulls can push ETH back above $1,900, we might see a recovery. But if the selling continues, we could see ETH test even lower support levels.
A Look at the Bigger Picture
ETH has lost over 57% of its value, making things extremely tough for the bulls. It’s trading below a long-term support level, which is now acting as strong resistance. The entire crypto market is down, mirroring weakness in the US stock market. Global trade war worries and uncertainty around US policies are shaking investor confidence. Since the US elections in November 2024, the market has been volatile, and investors are nervous.
Analyst Quinten Francois highlighted the historically low Net Taker Volume on X, further emphasizing the intense selling pressure. Until buyers show strong demand, ETH might stay stuck in this bearish phase.
ETH Stuck in a Tight Range
ETH is currently trading around $1,880, stuck between $1,750 and $1,950 since last Monday. Neither bulls nor bears are in control. To start a recovery, ETH needs to break above $2,000. A successful break would signal renewed buying interest. However, if it falls below $1,750, the downtrend will likely continue.
What’s Next for Ethereum?
The next few trading sessions are critical. The market’s uncertain, and whether ETH breaks out of this range or continues its decline depends on whether the bulls can regain control.
