What 1-hour chart says?

Fundamental Development:- Ethereum was trading at $1,103.78 on the Investing.com Index on Wednesday, down 10.10% on the day. It was the largest one-day percentage loss since June 13.The move downwards pushed Ethereum's market cap down to $137.03B, or 15.20% of the total cryptocurrency market cap. At its highest, Ethereum's market cap was $569.58B. Ethereum had traded in a range of $1,103.65 to $1,226.97 in the previous twenty-four hours. Over the past seven days, Ethereum has seen a drop in value, as it lost 36.9%. The volume of Ethereum traded in the twenty-four hours to time of writing was $26.36B or 27.37% of the total volume of all cryptocurrencies. It has traded in a range of $1,078.1089 to $1,832.7004 in the past 7 days .At its current price, Ethereum is still down 77.31% from its all-time high of $4,864.06 set on November 10, 2021.Elsewhere in cryptocurrency trading .Bitcoin was last at $20,902.9 on the Investing.com Index, down 8.11% on the day. Tether was trading at $0.9996 on the Investing.com Index, a loss of 0.01%. Bitcoin's market cap was last at $403.05B or 44.70% of the total cryptocurrency market cap, while Tether's market cap totaled $70.77B or 7.85% of the total cryptocurrency market value.



Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $20,600-$23,500 ranges.BTC is made low 20,800 and now consolidating within a range. Yesterday it made high near $23,320 and then it continue to Decline. Bitcoin is struggling to gain momentum above $23,300.


Alternative Scenario: If Bitcoin fails to clear the $23,400 resistance zone, it could start another decline. An immediate support on the downside is near the $20,700 level.