As Bitcoin breaks under the $83,000 mark, the rising fluctuation in Ethereum has reached the $1,900 level. With a 1.51% drop in the past 24 hours, Ether is currently trading at a market value of $1,895.
Holding its market capitalization of $228 billion, the declining trend in ETH now accounts for 16.38% over the past 7 days. With the rising bearish momentum, is ETH bound to retest the $1,500 mark?
Weakest Ethereum Ever Against Bitcoin in 5 Years
As the Ethereum price is declining, the biggest altcoin is growing weak against Bitcoin. The ETH-BTC pair has recently hit a five-year low, which is the lowest since mid-2020.
This has resulted in a negative 30-day moving average of NetTaker volume. Currently, the NetTaker volume remains negative as per the data from CryptoQuant, highlighting the bearish dominance.
Bearish Sentiments Dictate Ethereum Futures
As Ethereum continues to slip under crucial support levels, the trader’s participation in the future market is declining. The open interest is down by 1.95% to hit $17.94 billion.
However, the long-to-short ratio remains at a neutral position at a ratio of 1.0008. Adding to the neutral conditions, the open interest-weighted funding rate is fluctuating near 0%.
In the past 24 hours, ETH has witnessed a massive liquidation of $45 million, with long-side players losing $27.73 million. Hence, the overall sentiment in the Ethereum derivatives market is between neutral and mildly bearish.
Analyst Warns Ethereum Downfall to $800
As per the crypto analyst Ali Martinez, the declining trend in Ethereum is at its most crucial support level. This is priced at $1887, where investors have accumulated 1.63 million ETH.
Furthermore, the analyst also predicts a breakdown move in Ethereum that could track a downswing to $800. The analyst highlights an ascending triangle breakdown in the weekly chart.
