Ethereum (ETH) Slips Again, Are the Bears Back in Full Control?

• Ethereum is trading around the $3.6K level.
• The market witnessed $231.63 million in ETH liquidations.

The 3.29% slip in the crypto space has pulled the market cap down to $3.76 trillion. The neutral sentiment lingers in the market, with the Fear and Greed Index value holding at 57. All the major assets are charted in red, falling to their recent lows. Meanwhile, the largest altcoin, Ethereum (ETH), has dropped by over 4.18%.

The altcoin opened the day trading at its high range of $3,836. After the bears came into command, the ETH price has plunged toward the $3,590 mark. As per CMC data, as of now, Ethereum trades within the $3,671 range.

ETH’s market cap has reached $443.11 billion, and its daily trading volume has increased by over 15.91%, touching the $40.28 billion level. Notably, the market has witnessed a 24-hour liquidation of $231.63 million in ETH, as per Coinglass data.

Can the Bulls Break Ethereum’s Downtrend?

The Moving Average Convergence Divergence (MACD) line and signal line are positioned below the zero line. It indicates a bearish trend, with weak momentum. Moreover, the Chaikin Money Flow (CMF) indicator value is found at 0.01, suggesting a neutral to slightly bullish buying pressure. The momentum could swing either way depending on the price movement.

The four-hour price chart has exhibited downside pressure, lighting up the red candles. Ethereum could likely slip to the support range at the $3,665 level. An extended downside correction might send the price to former lows at around $3,659. Assuming the bulls came in command, the price could rise and test the $3,677 support. Further bullish correction triggers the Ethereum bulls to reach the $3,683 mark or even higher.

Ethereum’s daily Relative Strength Index (RSI) at 37.48 signals that it is in bearish territory. There is still room to fall before hitting oversold levels. Besides, the Bull Bear Power (BBP) reading of -159.45 hints at strong bearish dominance. The asset may continue its weakness unless reversal signals appear within the ETH market.