Ethereum has dropped by nearly 5% in the last 24 hours. At the time of writing, ETH was trading at $1,496. The broader market is also bearish, with the global market cap dropping by 3.5% over the past day.
Ethereum price analysis
In the last 24 hours, ETH has traded between $1,454 and $1,606, indicating a spike in volatility. Ethereum will likely continue dropping lower, given that the broader market is bearish and selling pressure is notably high.
If the current decline continues, ETH will likely drop to $1,300. ETH is witnessing a major trend reversal after a significant rally last week. Bears seem to have control of the market, which could attract notable declines.
Ethereum’s market cap currently stands at more than $179 billion, which gives the token a market dominance of around 17%. The token’s trading volumes over the past day stand at over $39 billion. ETH has dropped by nearly 70% from its all-time high levels.
Most cryptocurrencies across the market are trading in the red zone, and if the bulls do not step up, it could push the price of ETH down further. The current trend reversal has made the psychological support level of $2K seem far off.
The Relative Strength Index (RSI) is at 57, while the Moving Average Convergence Divergence (MACD) line is above the signal line, showing the possibility of a trend reversal. If Ether recovers, the token will likely rally past $1,500 again before rallying to the higher resistance at $1,645.
While the indicators point to the possibility of a trend reversal, several macro factors could continue putting bearish pressure on the token. The markets are anxiously awaiting the results of the US mid-term elections, as they could shape the crypto legislation in the US.
On the other hand, the situation with the FTX exchange and Alameda is creating panic in a market battered by the collapse of Terra Luna, Celsius, and Three Arrows Capital this year. Therefore, buyers could be hesitant to buy the dip before the situation clears up.
Three altcoin alternatives to buy today
If you want to buy altcoins today, you might consider investing in Dash 2 Trade, IMPT, and Calvaria. Dash 2 Trade could be the next token to explode. Dash 2 Trade is a platform giving traders crypto signals to help them make winning trades. The D2T presale has raised more than $5.64 million and is currently in the third stage.
The other presale to consider buying today is for IMPT. IMPT.io is a platform focusing on lowering carbon emissions through blockchain technology. The IMPT presale has raised more than $12.49 million since its launch on October 3.
The third presale to buy today is for Calvaria. Calvaria is a blockchain gaming project that combines traditional gaming and blockchain spaces. The RIA presale is in the fourth stage after raising more than $1.58 million.
Related
- Where to Buy Ethereum – Beginner’s Guide
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- Ethereum Price Prediction 2022 – 2025
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