Key Points
- The crypto market posted losses over the weekend, with ETH briefly falling below $4,100.
- If the bearish trend continues, major altcoins could test prices below $4,000.
Ether slides as the market experiences a broad sell-off, dipping under $4,100
The cryptocurrency market opened the new week with declines as Bitcoin and other leading tokens recorded losses. Bitcoin, the largest crypto by market capitalization, briefly traded below $112k in notional liquidations, and more than $1 billion in long positions were liquidated within 24 hours.
Altcoins also suffered substantial losses. Ethereum, the top altcoin by market cap, dropped about 6% in the past 24 hours. ETH briefly slipped under $4,100 before rebounding; at the time of writing it trades above $4,200 per coin.
Despite a modest recovery, market conditions remain bearish and Ethereum could face further near-term losses.
Traders are also watching Federal Reserve Chair Jerome Powell’s Tuesday remarks, which could signal the Fed’s policy direction following last week’s rate action.
Ethereum indicators point to continued selling pressure
The ETH/USD 4-hour chart shows a clear bearish tone after Ether lost roughly 6% of its value over the last day. Although Ether closed above the daily support at $4,488 on Friday, it has since retreated.
Ether plunged to as low as $4,067 on Monday before a slight bounce; it is currently trading around $4,203 per coin. The RSI sits near 40, below neutral, indicating notable bearish momentum. The MACD also produced a bearish crossover over the weekend, reinforcing the downside bias.
If the decline continues and Ether closes below the daily support at $4,232, the next key support to watch is $3,593.
On the upside, holding price above the $4,000 area could allow a recovery toward daily resistance at $4,488. Should bullish pressure build, ETH could target the $4,633 TLQ level over the coming days.
Overall, market conditions remain volatile, and traders are eagerly awaiting Chair Powell’s speech on Tuesday for further cues.