Ethereum Crashes Below $3,500, Bears Eye $3,095 Support
Amid the ongoing crypto market crash, will Ethereum (ETH) maintain dominance at the $3,000 psychological support level?With Bitcoin retreating to the $95,000 range, Ethereum has fallen by nearly 10% over the past 24 hours. It is currently trading below the $3,400 mark, maintaining a market capitalization of around $401 billion.With massive liquidations and an outflow in the Ethereum spot ETF market, bears are gaining control of the trend.Ethereum Price AnalysisOn the 4-hour chart, the bullish breakout above the $3,500 zone failed to sustain momentum, reversing at the $3,700 level. This reversal coincided with the drop in Bitcoin prices, triggering a sharp decline.Following a series of bearish candles, the Ethereum price has dropped to $3,333, falling below its 200 EMA line on the 4-hour chart. Ethereum is now back within its previous range, which spans from $3,400 to $3,150, with support at $3,244.With frequent price rejections and a continuing streak of bearish candles, it is likely that bears will challenge the critical support level. Additionally, the increase in selling pressure has pushed the 4-hour RSI into the oversold region.Moreover, the 50 and 200 EMA lines suggest a higher likelihood of a death cross, signaling further downside. As a result, the technical indicators are flashing a sell signal.Ethereum ETFs Bleed Amid High LiquidationsIn the wake of crypto market liquidations, Ethereum derivatives have experienced a 5.51% drop in open interest. Currently, it stands at $30.42 billion, with the long-to-short ratio turning notably bearish at 0.8968.
Text source: The Crypto Basic
