$ETH takes a beating as cryptocurrency market enters another correction, while the debt ceiling situation is not resolved completely
Despite robust project development and a thriving DeFi and NFT ecosystem on the Ethereum blockchain, the price of ETH has faced a downward spiral, falling below the critical $1,800 level. The descending volume accompanying this drop could indicate that the asset might face increased selling pressure in the coming period.As Ethereum continues its downward trend, it is approaching its next line of support, the 200-day exponential moving average .
The 21 EMA often serves as a critical technical indicator that traders use to determine the short-term trend of an asset. In SHIB's case, this recent rejection at the 21 EMA is indicative of the bearish sentiment still prevalent on the market. This could spell trouble for the meme coin, as failing to breach this resistance level could potentially lead to further downward price movements.
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