Ethereum price has been in the red for four consecutive days after facing a strong rejection at the crucial level of $2,000. The asset’s total crypto market cap has dipped by nearly 2% over the last day to $228 billion, while the total volume of Ether traded over the same period jumped by 58%. Even so, the altcoin remains 58.70% higher in the year to date.
The cryptocurrency market has been under intense pressure for the past few days as its recent XRP-induced rally fades slowly. The global crypto market cap has slipped over the past few days to $1.2 trillion, while the total crypto market volume increased by 40% over the last day. The Crypto Fear and Greed Index has also dipped from a Greed level of 63 to a neutral level of 57, indicating the lack of confidence by investors.
Crypto bigwigs, Bitcoin and Ethereum, have been in a freefall for the past few days as the cryptocurrency market sentiment dwindles. Bitcoin, the largest cryptocurrency by market cap, has hit an intraday low below the important level of $30,000 after facing a rejection at $31,000. At the time of writing, Bitcoin price was trading lower at $29,994. Ethereum price has also dropped below the crucial level of $1,900 to its current level of $1,899.20.
While the Ripple Labs’ court case against the US Securities and Exchange Commission buoyed the crypto market sentiment last week, economic headwinds have continued to weigh on the markets. Despite a decline in the latest key inflation data, traders are pricing in a 92% chance of the US Federal Reserve implementing a 25-basis point interest rate hike this month. A slew of policymakers, including the Fed chair Jerome Powell, have signaled their support for two more hikes this year.
Investors have remained focused ahead of a few economic data reports this week. The UK and European Consumer Price Index (CPI) reports are slated to be released later on Wednesday. The UK inflation, as well as the Eurozone inflation, is expected to have eased during the past month. The US retail sales report is also expected to be released later on Tuesday.
Ethereum Price Technical Analysis
The daily chart shows that the Ethereum price has been on a bearish trajectory for the past few days after a recent win for the crypto market. The asset has failed to start a fresh rally above the important resistance level of $2,000. ETH remains slightly above the 50-day and 200-day exponential moving averages, as well as the 50-day and 100-day simple moving averages.
Its Relative Strength Index (RSI) has slipped slightly below the signal line, with the Moving Average Convergence Divergence (MACD) indicator hinting at more downside. Therefore, the Ethereum price is likely to pull back further in the ensuing sessions as sellers eye the next support at $1,845. However, a move above the important $2,000 level will invalidate the bearish thesis.
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