The crypto space has plunged over 5% overnight, owing to the recently announced tariff plan and massive liquidations. This resulted in the business losing over $110 billion. With this, the market is now valued at just above the $3 Trillion mark. Following this, market leaders have failed to hold above their important support levels, highlighting increased bearish dominance.

Moreover, the leader of altcoins, Ethereum price, continues displaying a strong bearish action. This highlights increased uncertainty in the crypto space. With this, investors are curious with questions like “Why did Ethereum crash today?” In this article, we have uncovered the possible Ethereum price analysis just for you!

ETH Price Records A Strong Bearish Reversal!

The price of Ethereum has crashed by ~10% in 24 hours with a trading volume of $31.750 billion, a change of +49.93%. Furthermore, this altcoin has lost 7.18% over the past week and 25.17% in 30 days. With a market cap of $300.901 billion, it holds a market share of 10.1397%.

The Simple Moving Average (SMA) records a negative crossover in the Ethereum price chart. This suggests a bearish outlook for the ETH price in the upcoming time.

Furthermore, the MACD indicator displays a constant decline in the green histogram in the daily time frame. Moreover, its averages are on the verge of experiencing a bearish convergence, indicating that the largest altcoin may continue losing value this week.

Is Ethereum Going to Recover?

Suppose, the market favors the bulls, this could result in the price of Ethereum retesting its immediate resistance level of $2,870. Furthermore, if the bullish sentiment sustains, this could push the price of ETH toward its upper resistance level of $3,300 in the coming time.

Conversely, a sustained bearish action could result in it retesting its support trendline of $2,530. Moreover, if the bearish sentiment intensifies, this could result in the Ethereum price plunging toward its lower support level of $2,175 this month.

Are you one of many who are wondering “Why is the Ethereum price dropping?” Read our latest Ethereum Price Prediction today to understand the long-term possibilities!

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