Key takeaways
ETH is down 5.5% and is now trading below $2,900.
The leading altcoins could record further losses amid renewed bearish momentum.
The cryptocurrency market is starting another month bearish after the poor performance recorded by Ether and other major coins in November. Ether recorded a temporary relief last week, hitting the $3k psychological level.
However, the recent gains have been wiped out, with Ether now trading around $2,800 after losing 5.5% of its value in the last 24 hours. The negative performance saw over $140 billion wiped out from the crypto market during that period, with the total market cap now below $3 trillion.
Furthermore, the bearish performance saw over $500 million worth of leveraged positions liquidated in the last 24 hours, with Binance, Bybit, and Hyperliquid accounting for 90% of the total liquidations.
Ether and other major cryptocurrencies could face further selling pressure in the near term. However, with the Fed’s FOMC meeting slated for next week, Ether and other leading cryptocurrencies could experience a temporary relief if the Federal Reserve cuts its benchmark interest rate for the third time this year.
Ether could retest the $2,600 low.
The ETH/USD daily chart is bearish and efficient as Ether has underperformed in recent days. The coin has lost 5.5% of its value since Sunday and is now trading around the $2,840 region.
If the ETH/USD daily candle closes below the November 21 low of $2,623, the bears could push the price lower over the next few hours or days, with the next major support around the June 22 low of $2,111.
The technical indicators remain bearish, with the RSI of 34 suggesting that sellers are in control. The MACD also risks a cross below the signal line, indicating Ethereum is still bearish.
However, if the bulls recover from the recent selloff, Ether could challenge the trend and push towards the $3k psychological level once again.
