The crypto markets witnessed huge volatility in the past couple of days, which increased the global market capitalization to above $3 trillion. Bitcoin’s price surged above $95,000, which prevented the price from falling from an extended bearish trend. While Solana’s price failed to rise above $180, the Ethereum price faced rejection and entered back into the crucial support zone around $2300. The prices of both the tokens have dropped by nearly 50% during the past weekend; hence, this raises huge concern over the upcoming price rally.
Is Ethereum (ETH) Price Heading Back to $2000?
The Ethereum price triggered a strong recovery after plunging below the pivotal support range of $2300. This was considered a strong bullish indicator as the price surpassed $2500, and hence, it was believed to rise and enter the resistance zone above $2,800. Meanwhile, the market sentiments flipped, dragging the ETH price back to the support zone. Moreover, the price has lost more than half of the gains that it incurred in recent times, which raised concern over the next price action.
The ETH price recently faced a death cross as the 50-day & 200-day MAs have undergone a bearish crossover. On the other hand, the MACD is constantly trading within a negative range but experiencing a bullish & bearish crossover while the volume remained pretty low. Previously, in November 2024, the MACD surged heavily within the positive range and underwent both crossovers when the prices maintained higher highs. This suggests the ETH price is heavily under bearish influence, and as long as MACD does not rise above the average, the