Ether climbs above $3,600, but technical indicators show signs of weakness

Key takeaways

• ETH is up nearly 2% in the last 24 hours and now trades above $3,600.
• Technical indicators are showing signs of weakness, suggesting a bearish trend for the coin.

ETH stays above $3,600 as BTC dips

The cryptocurrency market has been volatile over the last couple of hours, with Bitcoin dropping below the $116k level. Bitcoin lost nearly 2% of its value and now risks dropping below $115k if the selloff continues.

However, Ether, the second-largest cryptocurrency by market cap, is currently in the green after adding more than 1% to its value in the last 24 hours. This allowed it to top the $3,600 mark.

However, the technical indicators are suggesting signs of weakness, and ETH could experience a selloff. The higher timeframe chart remains bullish, indicating that the buyers are still in control.&

ETH could retest $3k if the bearish trend persists

The ETH/USD 4-hour chart remains bullish as Ether outperforms Bitcoin and some other leading cryptocurrencies. The price is also efficient, suggesting that ETH could be getting ready for another upward movement.&

However, the technical indicators on the lower timeframe are switching bearish, suggesting a selloff on the horizon. ETH failed to find support around the daily level of $3.730 and declined below $3,600.

However, it has recovered its position above $3,600. If Ether closes below the $3,500 daily candle, it could experience a correction to retest the $3,000 psychological level.&

The Relative Strength Index of 49 shows that the bulls are losing control of the market, indicating a fading bullish momentum.

Furthermore, ETH’s MACD indicator is converging closer together, and the green histogram bars are also falling, both suggesting a growing bearish appetite.

On the flipside, if ETH’s daily candle closes above $3,500, the bulls could push the price higher in the near term. ETH could retest the $3,730 resistance level in the coming hours or days before aiming for the $4k psychological level.

The post Ether climbs above $3,600, but technical indicators show signs of weakness appeared first on CoinJournal.

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