Key takeaways
- The crypto market suffered losses over the weekend, with ETH briefly dipping below $4,100.
- The leading altcoin could slide below $4,000 if the bearish trend persists.
Ether falls below $4,100 as the market endures a sharp decline
The crypto market opened the new week with a downturn, as Bitcoin and other major cryptocurrencies recorded losses. Bitcoin, the largest cryptocurrency by market capitalization, briefly fell under $112,000, triggering long liquidations totaling more than $1 billion over the past 24 hours.
This decline also weighed heavily on altcoins. Ether, the largest altcoin by market cap, has dropped about 6% in the last 24 hours. ETH briefly slipped below $4,100 before recovering somewhat and is now trading above $4,200 per coin.
Despite the modest rebound, market conditions remain bearish, and Ether may face further losses in the near term.
Traders will be watching Fed Chair Jerome Powell’s scheduled speech on Tuesday for guidance on monetary policy following last week’s rate cut.
Ether indicators point to additional selling pressure
The ETH/USD 4-hour chart shows a clear bearish bias after Ether lost roughly 6% in the past day. Ether had closed above its daily support at $4,488 on Friday but has since moved lower.
The price plunged to $4,067 on Monday before recovering slightly to trade around $4,203. The RSI sits near 40, below the neutral level, signaling strong bearish momentum. The MACD also produced a bearish crossover over the weekend, reinforcing downside pressure.
If the downtrend persists and Ether closes below its daily support at $4,232, the next notable support level is near $3,593.
Conversely, if Ether can hold above the $4,000 mark, it could extend its recovery toward daily resistance at $4,488. A stronger bullish move would put ETH on track to test the $4,633 TLQ level in the coming days.
Overall market conditions remain volatile as traders await Powell’s remarks on Tuesday for clearer direction.