Ethereum futures liquidations soar to 1-month high on OKX

State of ethereum price

The price of ethereum (ETH) has experienced a decline in recent days, indicating a shift in market sentiment. 

At the time of writing, ethereum is trading at $1,738.86, a 5.61% decrease in the last 24 hours and an 8.64% drop over the past seven days.

With a circulating supply of 120 million ETH, ethereum’s market capitalization currently stands at $209,037,139,067, according to CoinGecko.

Ethereum has support at around $1,700, with resistance at $1,900.

On the weekly timeframe, the RSI value for ethereum is currently at 40. This suggests that there is no significant bias toward buying or selling, and the market may be awaiting further developments before a potential price shift.

The RSI value is at 26 on the daily timeframe, reflecting a relatively lower value than the weekly timeframe. A value of 26 suggests that selling pressure may be stronger in the short term, indicating a possible oversold condition for ETH.

Multiple factors are contributing to the current market downturn, with recent lawsuits against major cryptocurrency exchanges possibly a trigger.

The Securities and Exchange Commission (SEC) recently filed lawsuits against Binance and Coinbase, two leading cryptocurrency exchanges, creating uncertainty and dampening market sentiment. 

Earlier this week, regulator listed 19 major tokens as examples of securities, including solana (SOL), polygon (MATIC), BNB, and others, when filing their lawsuits against Binance and Coinbase. Subsequently, Robinhood, a trading platform, said it plans to delist some assets, including SOL, cardano (ADA), and MATIC, that the SEC alleged are securities.

Against that backdrop, investors are becoming more cautious, leading to increased selling pressure and negative impacts on the entire crypto market.

Follow Us on Google News