Ethereum
Ethereum drops 10% today! Will ETH Price Plunge Below $2.8K?
The leading altcoin, ETH price, started 2024 positively by adding over 79.34% valuation, which helped the price record a high of $4,094.75. After trading sideways for a while, the bulls lost their momentum and since then the price has been trading under bearish influence.
Additionally, the global crypto industry market cap recorded a correction of 9.87% over the past day, which caused its valuation to plummet to a two-month low of 2.10 billions of dollars.
The Ethereum token breaks down its crucial support level:
Ethereum Price continues to display a strong bearish influence by recording a correction of 9.55% over the last day. Additionally, the ETH token has lost 12.64% over the past week and 19.48% over the past 30 days, highlighting investors’ growing disinterest in it.
TradingView: ETH/USDT
After decomposing its symmetrical triangular pattern, the ETH token has formed a descending channel pattern and continues to trade there, indicating a bearish outlook for the altcoin leader in the coming times.
The technical indicator, MACD, shows an increasing red histogram, indicating increasing selling pressure within the crypto space. Additionally, the averages are showing bearish convergence, suggesting that the price will continue to lose value this week.
Will the price of ETH ever rise again?
If the market regains momentum, Ethereum price will test its resistance level of $3,150. Maintaining the price at this level will set the stage for the ETH Price in an attempt to test its upper resistance level of $3,500 over the coming weeks.
However, if the bears continue to hold power over the bulls, the Ethereum token will continue to trade under bearish influence and plunge to test its crucial support level of $2,631.50 in the coming times.
Also discover: Crypto Market Crash To Get Worse With Top Altcoins Down Nearly 40%