Ethereum News: Cryptocurrency Slips to December 2023 Lows, Bearish Bias Intensifies

Ethereum Slips to December 2023 Lows

Ethereum has slipped to December 2023 lows, with a growing bearish bias threatening a sub-$2,000 plunge. The cryptocurrency may soon slip below the critical $2,000 support level again. An assessment of the ETH/USD chart reveals that the altcoin trades significantly below its Ichimoku Cloud since January 25. At press time, the Leading Spans A (green) and B (red) form dynamic resistance above the altcoin’s price at $2,346 and $2,742, respectively. The Ichimoku Cloud tracks the momentum of an asset’s market trends and identifies potential support/resistance levels. Currently, the market is in a downtrend as the price falls below the cloud.

Ethereum Price Forecast: ETH Eyes Recovery Amid Increased ETF Outflows

Ethereum (ETH) price is trading NEAR the $2,000 level, down 2% on Monday. ETH exchanges recorded their highest weekly net outflows last week, stretching crypto ETF outflows to $4.75 billion in the past four weeks. Traditional stock market players continue to weigh on the crypto market. Despite this, ETH could see a reversal as the Stochastic Oscillator hits extreme oversold conditions. Ethereum’s dip attracts crypto-native investors, while ETF players continue selling activity.

1.8 mln Ethereum purchased – Can rising demand push ETH to $2.9K?

There has been a significant decline in ETH exchange reserves due to surging accumulation. Korean traders are leading the buying activity, and key metrics indicate strong demand. Despite this, ETH has declined 1.47% in the past 24 hours, adding to the bearish momentum over the last month. However, AMBCrypto’s analysis suggests that ETH could rally soon, and the ongoing accumulation could ignite a major market surge if other key metrics remain bullish. According to IntoTheBlock, demand for ETH hit a new high over the past week, with a total of 1.8 million ETH purchased and moved into private wallets.

Ethereum Price Crashes Below $2,000

Cryptocurrency markets are experiencing a bloodbath, with Ethereum (ETH) falling below $2,000 for the first time since late-2023. Recently announced bullish crypto market catalysts, such as the US strategic Bitcoin reserve and national crypto stockpile, failed to trigger a rebound. Instead, the focus is on a bearish macro outlook due to the Trump administration’s policies of austerity and trade wars, signaling a near-term recession.