Ethereum [ETH] has been tackling the bears for quite a while now. The altcoin turned heads after it soared beyond $1.5K. Just when the community vouched for the asset to move past $2K, it did not move an inch beyond $1,871.60. Will this trend persist or could the asset see a ray of hope?
The altcoin had pushed past $200 billion in terms of market cap adding to the trillion-dollar market the crypto industry is. During the time of writing,the altcoin was at $1,772, experiencing a 1.33% drop in the last 23-hours. While all the other assets were seen bagging double-digit gains over the week, ETH was probably the only prominent assets that had surged by a dainty 2% in the last seven days.
The trading volume of the altcoin was also seen slumping in the last 24-hours. At press time, the trading volume in the ETH market was at $32,566,632,108.52. Most of this was acquired from Binance for the trading pairs ETH/USDT.
Ethereum one-day price chart
In the one-day price chart of ETH on the cryptocurrency exchange, Coinbase was seen pointing at the bears. After witnessing a jump from $1K to $1.8K, the community hoped for the altcoin to push beyond $2K. It seems like the asset would continue dwelling in this zone as the bears had taken over. The Parabolic SAR after inducing a long line of dots below the candlesticks was seen reversing this. With this, the indicator restricted any potential uptrend.
The Awesome Oscillator indicator was also echoing a similar notion as it laid out red closing bars. This further insinuated the presence of bears in the market. The MACD indicator was seen headed for a bearish crossover as the MACD line decided to slump below the signal line.
Despite the presence of bears in its market, the community kept cheering the altcoin. Scott Melker, who goes by the Twitter username, “The Wolf Of All Streets” tweeted,
I think $ETH will hit 5 figures this year.
— The Wolf Of All Streets (@scottmelker) February 15, 2021
He wasn’t the only one who was bullish. Crypto analyst, the Moon also suggested that the altcoin could be witnessing a stop at $2K anytime soon. However, any efforts put forth by the asset could be haggard by the bears in its market.