The crypto-industry was finally turning green. Ethereum [ETH], Binance Coin [BNB], XRP, and several altcoins were getting back on track after the recent crypto carnage. Bitcoin [BTC], despite hitting $40K, failed to retain itself there. The king coin was quick enough to fall back to $37K during press time. The market cap of Bitcoin had also diminished as it fell below $700 billion.
At the time of writing, Ethereum was trading for $2,458 with a 7.74% surge in the last 24-hours. The altcoin witnessed a slight acceleration towards $3K as it rose to a high of $2.7K. However, ETH failed to lay a strong line of support like several other coins, causing the asset to plummet. The last seven days weren’t great for ETH as recorded a downfall of about 30%.
Additionally, ETH’s second rank was untethered as its market cap was at $284 billion. The disparity between the second and third ranks was significantly high, making it difficult for all the other coins to take over Ethereum’s position.
Ethereum [ETH] one-hour price chart on Binance
The short-term price chart of ETH reported a major bear sighting. The Awesome Oscillator indicator laid out red closing bars and revealed the presence of the bears. This was further mirrored by the MACD indicator. Earlier today, the signal line crept up the MACD line forming a bearish crossover. With all the signs inclining towards the bear, ETH could endure a slump.
The Relative Strength Index indicator announced a sellers’ market as the marker was way below the 50 median.
Ethereum [ETH] transactions hit a monthly low
While the price of ETH was seen undergoing a plummet, Glassnode alerts revealed no major transactions in the altcoin’s market. As per a recent tweet, the total number of transactions in the ETH market had hit a monthly low. The tweet read,