ETH is in a strong downtrend as sell volume surges
On the night of December 10 and 11, the crypto market experienced a sudden drop in prices, resulting in liquidations worth approximately $300 million. Bitcoin fell from over $44,000 to below $42,000, while Ethereum declined from about $2,350 to about $2,250.
Crypto trader and analyst AlanSantana shared his assessment on TradingView, stating that Ethereum is currently in a bearish wave that has just begun. He pointed out that ETH’s selling volume has surpassed its buying volume and closed below the 10-day exponential moving average (EMA 10). The relative strength index (RSI) for Ethereum is also showing bearish momentum.
Despite the downward trend, AlanSantana predicts that Ethereum will have a stronger year than 2021 once the current price correction is over. In 2021, Ethereum reached its all-time high of over $4,000 and ended the year at more than $3,760.
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ETH price analysis
Ethereum’s bull run in late October came to a halt on December 11 when prices started declining. In the last seven days, ETH has dropped by 7.94%. As of now, Ethereum is priced at $2,184.
However, despite the recent correction, ETH’s overall performance in 2023 has been impressive. It has climbed about $500 since October and has gained a total of 80.96% since the beginning of the year.
Hot Take: Will Ethereum’s Bearish Trend Continue?
The recent drop in Ethereum’s price has raised concerns among crypto traders and investors. While the current bearish trend indicates a potential further decline, it’s important to remember that the crypto market is highly volatile and always presents new opportunities.
Analyst AlanSantana believes that after the price correction, Ethereum will have a stronger year than 2021, which saw significant growth for the cryptocurrency. As with any investment, it’s crucial to stay informed, analyze market trends, and make informed decisions based on your risk tolerance and long-term goals.
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