By
Temitope Olatunji
April 24th, 2024
Ethereum fell below $140 some hours back and stays somewhere in a bearish territory as prices drop to their lowest levels most of the time.
Ethereum is included in digital money that depicts the market in black. Price activity has been bearish since the beginning of the Asian trading session. Ethereum is trading at $142 following a loss of 0.96% from its price on Thursday. Expectations are declining amid increasing unpredictability.
It was another desperate week on Ethereum as its value continues to decline. Sinking more today left the world’s second-largest crypto resource at risk of reaching its lowest level in several months. Markets for decentralized financing (DeFi) are in reverse pattern with the continuous development in this sector.
Ethereum has remained somewhere in the bear market for several years and has shown little effort to pull back regardless of strong factors. Its market cap is shattered to $15 billion, which goes a long way from the $100 billion that was staked in mid-2018.
Ethereum fell below $140 three hours back and stays somewhere in a bearish territory as prices drop to their lowest levels most of the time.
Ethereum is currently exceptionally close to its value at the beginning of the year after it has removed all increases in a massive 60% correction in recent months.
With the development of DeFi, ETH will be used and locked for enthusiastic winning platforms instead of trading in open markets. This after some time will reduce instability and advance the token price.
Include this reason with the change to proof of stake consensus model a year from now and it will not be some time before Ethereum itself is reflected in the multi-year bear market.
ETH/USD Support at $140 Levels Validates Bulls
Supply Levels: $140.00, $130.00, $125.00
Demand Levels: $180.71, $157.73, $150.00
Although the price has tested and defended the level at $140, Ethereum still faces a high risk of falling to the level at $130. The price is moving below the moving averages, as moving average 5 and 13 hinder further progress at the level at $147.82 and the horizontal area stabilizes at the level at $150.00.
Ethereum may require a breakout of the major key support level at $140 to support a run at the main key resistance level at $150.00.
Support from the more inclusive market may be needed, whether possible, for Ethereum to break out from the present high on the level at $144.61. Except for the widely-based rebound case, Ethereum has lost the tag for $145 levels on the daily.
Not being able to move back to $140 levels might record Ethereum fights with today’s advance. Falling over today’s low at $139.10 may lead to levels below $140. Regardless of the crypto failure, the next major support level at $130.00 may restrict any reversal.