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With the strong downward momentum in the cryptocurrency market since last Friday, Ethereum (ETH) has started trading at around $1650, losing nearly 10% in the past week. A crypto analyst evaluating the recent situation in ETH stated that the current technical outlook may indicate a new historical decline.
The Current Situation in Ethereum (ETH)
With the leading cryptocurrency Bitcoin falling to $25,400 levels last week, the cryptocurrency market has experienced a strong downward momentum since last Friday. Most high-value cryptocurrencies have recorded double-digit losses since last Friday. According to CoinMarketCap (CMC) data, the total market value of the crypto industry has dropped to $1.05 trillion. Additionally, the volatility in the cryptocurrency market has increased again since last Friday compared to previous weeks.
Due to the downward trend in the cryptocurrency market, Ethereum (ETH) has also accelerated its losses during this period. ETH, which has lost nearly 10% in the past week, started trading at around $1650, recording an average decrease of about 0.6% in the past 24 hours. With the impact of the market decline during this period, ETH has also recorded double-digit losses and briefly dropped to $1600 levels last Friday.
Analyst Evaluates the Current Technical Outlook in ETH
While this downward trend in the cryptocurrency market continues, crypto analyst Benjamin Cowen evaluated the current situation in the cryptocurrency market and drew attention to the current technical outlook for Ethereum (ETH) through a series of tweets.
The crypto analyst warned investors by stating that the current technical outlook may indicate a new historical decline. Referring to ETH’s drop below the bull market support band, as it did in 2019, the analyst shared a graph highlighting the decline ETH experienced after dropping below this support level in 2019 and added the following words:
“In 2019, ETH dropped below the bull market support band in July/August, just like in 2023.”
