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Ethereum (ETH) Slumps Below $2,200 Amid Broad Crypto Market Downturn
- Ethereum (ETH) fell by 10.24% to trade at $2,174.24, with a market cap of $262.47 billion.
- The global crypto market contracted by 4.8% as Bitcoin dropped below $99,000.
- The decline in Ethereum's price was a part of the broader market downturn, with ETH accounting for 10.22% of the entire crypto market.
- ETH's 24-hour trading volume stood at $24.95 billion, representing 10.12% of its market cap.
- Bitcoin's decline below $99,000 dragged down altcoins, showcasing the interconnected nature of cryptocurrencies.
- Technically, Ethereum broke critical support at $2,300 and may test the next support at $2,100 if bearish momentum persists.
- The Relative Strength Index (RSI) suggests oversold conditions with a value of 31.87, potentially leading to short-term recoveries.
- The Chaikin Money Flow (CMF) at -0.10 indicates capital outflows from ETH, reinforcing the bearish sentiment.
- Ethereum's moving average trend signifies a weakening structure, as price remains below short and medium-term moving averages.
- Traders should focus on $2,100 and $2,400 levels as crucial points defining Ethereum's short-term trajectory.
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