Little did the crypto-community know that they would be victims of the wrath caused by the bear. Bitcoin [BTC], Ethereum [ETH], Dogecoin [DOGE], and almost every coin in the crypto market were subject to immense loss. This crypto carnage even forced several to pull out funds from the market.
Ethereum emerged as one of the strongest assets during the recent crypto rally. While the altcoin stayed intact above $2K for quite a while, all its efforts were shattered by the bear. At the time of writing, ETH was trading for $1,891 with a 6.42% drop in the last 24-hours. The previous seven days caused turmoil in the ETH market as it recorded a drop of 27%.
The altcoin’s market cap was at $223.4 billion which aided in the asset’s stay as the second-largest cryptocurrency. Additionally, the global market cap of the crypto-verse was noted at $1.30 trillion.
During the same time, Bitcoin was seen trading for a low of $31K as it recorded a drop of 3.55% over the last 24-hours. The last couple of days were particularly hard on the king coin as it slumped by 20%.
Ethereum [ETH] one-day price chart on Binance
The one-day price chart of ETH was strongly inclining towards the bear. The Bollinger Bands indicator revealed that ETH was in for an increase in volatility as the bands were wide apart. The MACD line remained below the signal line forming a bearish crossover. The Awesome Oscillator followed suit as it laid out red closing bars indicating the presence of the bear.
An increase in volatility during a bearish market could be viewed as highly unfavorable for the asset.
Extreme sellers’ sentiment had struck the ETH market, the Relative Strength Index indicator noted. The RSI marker even suggested that ETH was headed towards the oversold zone.
Additionally, Glassnode revealed that the number of Ethereum addresses in loss had hit a 6-month high of 6,428,573.274. The online analytics platform tweeted about the same and the tweet read,