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Downtrend Persists Amid Market Uncertainty
Cryptocurrency
Summary:
The cryptocurrency market capitalization declined by over 18% in the first quarter of this year, with $633.5 billion in value erased. Ethereum found support near $1,375. However, the downtrend remains intact as its price continues to trade significantly below the key bearish trendline.
Sell
CLOSEDETH-USDT
End Time
1589.19
Entry Price
1342.00
TP
1740.00
SL
2335.60 +283.98 +13.84%
15081
Points
Loss
1342.00
TP
1740.61
CLOSING
1589.19
Entry Price
1740.00
SL
Fundamentals
Over the past seven days, the cryptocurrency market capitalization experienced a drop to $2.5 trillion, a subsequent rebound to $2.71 trillion, and a further pullback to the $2.65 trillion area. The recovery momentum weakened near the previous consolidation zone. The market has thus far failed to break through the downward resistance line formed by the peak on the day of the U.S. presidential inauguration. The cryptocurrency market capitalization declined by over 18% in the first quarter of this year, with $633.5 billion in value erased.
Ethereum's market share fell to 7.9%, the lowest level since the end of 2019. Other altcoins experienced a decline of 3.5%, with their market share dropping to 15.7%. Among major cryptocurrencies, only Ripple (XRP) and Binance Coin (BNB) maintained their market share.
The Fear & Greed Index is gradually moving out of the "extreme fear" zone and consolidating in the "fear" zone. While this is a positive signal, it does not indicate that the pullback has ended. Technically, the market remains in a bearish death cross downward state. For now, the market still lacks sufficient catalysts to drive a full-scale rebound.
Technical Analysis
Unlike Bitcoin, Ethereum's price experienced a significant breakdown below the $2,000 level in early April, trading below the key support levels of $1,800 and $1,550. Subsequently, the price tested its two-year low near $1,387.
On the daily chart, Ethereum's price remains well below the 100-day and 200-day moving averages, teetering on the edge of a secondary bear market. Despite a recent rebound, the further downside trend has not been relieved, as it remains in a bearish death cross downward and head-and-shoulders top pattern on the smaller 4-hour timeframe.
On the upside, the next major resistance level is near $1,690, followed by the psychological level of $1,700. On the same chart, a key bearish trendline has formed, with resistance at $1,740. This trendline is close to the 50% Fibonacci retracement of the downtrend from the $2,100 to $1,379 lows.
A daily closing price above the $1,740 resistance level could potentially open the door for a new round of steady gains. In this case, the price might rise towards the $2,000 level.
On the downside, Ethereum may find support near $1,465, with the next major support level at $1,387. A break below this support could push the price towards $1,320. If the decline continues, the price could fall towards $1,280.
Trading Recommendations
Trading Direction: Sell
Entry Price: 1600/1630
Target Price: 1342
Stop Loss: 1740
Valid Until: May 3, 2025, 23:55:00
Support: 1465/1387/1320
Resistance: 1617/1662/1669
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