The cryptocurrency market has been in a bearish trend since the start of the week.
The broader cryptocurrency market has been underperforming in recent days. The total cryptocurrency market cap reached the $2.2 trillion mark earlier this week but has declined below $2 trillion.
Bitcoin, the world’s leading cryptocurrency by market cap, is now trading above $43k. This comes after failing to break past the $50k psychological level earlier this year.
Ether, the native coin of the Ethereum ecosystem, remains the second-largest cryptocurrency by market cap. Over the past 24 hours, ETH has lost more than 4.5% of its value.
At press time, ETH is trading above $3,200 per coin. The bearish performance comes after ETH crossed the $3,500 psychological level earlier this week. However, Ether could not mount a challenge toward the $4,000 resistance level.
Ether could see its price dip further in the coming hours or days, with the broader cryptocurrency market recording losses. ETH could struggle to defend its major support level at $3,000 over the coming days.
Key levels to watch
The ETH/USD 4-hour chart is currently bearish as Ether has been underperforming in recent days. The technical indicators show that ETH could record further losses over the next few hours.
The MACD line has been below the neutral zone since Tuesday, indicating a strong bearish trend in the market.
The 14-day RSI of 33 shows that Ether is currently in the oversold region. If the bearish momentum continues, Ether could drop below the first major support level at $3,112 before the end of the day.
In the event of extended bearish performance, Ether could trade below $3,000 for the first time this month.
However, if the bulls regain control, ETH could attempt to recover its position around the $3,500 resistance level over the coming hours or days.