ETH could slip below the $1,000 level soon

    The cryptocurrency market could finish the week in the damaging zone as the main cryptocurrencies document big losses.

    The cryptocurrency market has been down by lower than 1% over the previous 24 hours. The market has misplaced lots of of billions of {dollars} since the begin of the week and appears prime to finish the week in a bearish development.

    The complete market cap at present stands at $900 billion, down by greater than 65% from the all-time excessive of $3 trillion.

    Bitcoin is down by lower than 1% over the previous 24 hours and at present trades above $20k per coin. The main cryptocurrency reached an all-time excessive of $69k seven months in the past however is now struggling to defend its worth above $20k.

    Ether stays the second-largest cryptocurrency by market cap. ETH is down by almost 2% in the final 24 hours and at present trades round $1,100 per coin.

    There isn’t any catalyst behind Ether’s ongoing poor efficiency besides the bearish development affecting the broader cryptocurrency market. 

    If the development continues, ETH could wrestle to defend its worth above the $1,000 psychological level in the coming days and weeks.

    Key ranges to observe

    The ETH/USD 4-hour chart is bearish as Ethereum has been underperforming over the previous few days. The technical indicators present that the bears are absolutely in management at the second.

    The MACD line is below the impartial zone, indicating bearish momentum. The 14-day RSI of 35 exhibits that Ether could soon enter the oversold area if the present market situation persists.

    If the bears stay in management, Ether could decline below the first main resistance level at $1,088 earlier than the finish of the day. In the occasion of additional losses, ETH could slip below the $1,000 psychological level for the first time this yr. 

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