As the main cryptocurrencies suffer significant losses, the cryptocurrency market may finish the week in the red.
Over the last 24 hours, the cryptocurrency market has fallen by less than 1%. Since the beginning of the week, the market has lost hundreds of billions of dollars, and it appears that the week will close in a bearish trend.
The overall market capitalization is now $900 billion, a decrease of more than 65 percent from the all-time high of $3 trillion.
Bitcoin is down less than 1% in the last 24 hours and is presently trading above $20k per coin. Seven months ago, the top cryptocurrency reached an all-time high of $69k, but it is currently fighting to maintain its price over $20k.
Ether is still the second-largest cryptocurrency by market capitalization. ETH has dropped roughly 2% in the last 24 hours and is now trading about $1,100 per token.
Except for the bearish trend impacting the larger cryptocurrency market, there is no cause for Ether's continuous dismal performance.
If the current trend continues, ETH may struggle to maintain its price above the psychological milestone of $1,000 in the following days and weeks.
Key levels to watch
The 4-hour chart of ETH/USD is negative since Ethereum has been underperforming in recent days. The technical signs suggest that the bears are currently in complete control.
The MACD line is below the neutral zone, suggesting that the trend is negative. If the present market conditions continue, the 14-day RSI of 35 indicates that Ether may soon hit the oversold level.
If the bears keep the upper hand, Ether might go below the first major resistance mark at $1,088 by the end of the day. In the event of more losses, ETH may go below the psychological level of $1,000 for the first time this year.
