The global crypto market has tumbled today, where many coin prices waved a red signal. Bitcoin is registered at a price of $35,971. Ethereum (ETH), which is the second-largest coin by market cap, is currently trading at a price of $2,691. ETH’s market cap currently stands at $33,953,253,628.
ETH saw a 24-hour trading volume of $24,117,506,870 which is a 32.67% increase from yesterday’s numbers.
ETH struggled to settle above the $2,950 resistance and topped near the $2,970 level after which it started a new decline. There was a sharp drop below the $2,900 and $2,850 levels.
A low was formed near $6,678 after which the price corrected by a few points and there was a recovery wave above $2,720. The price even climbed above the 23.6% retracement level.
ETH’s price currently stands at $2,711.65 after a 7.65% drop over the last 24 hours. ETH also saw a 7.37% drop over the last week.
ETH/USDT 1-day chart (source: TradingView)
The daily chart for ETH/USDT suggests that ETH’s price is not done falling yet as the 50 EMA lies under the 100 EMA. Clearly, bears have the upper hand looking at the ETH/USDT chart as the majority of the volume in the last 2 days has been sell volume.
RSI 14 (Relative Strength Index) also seems to be on a trajectory to oversold territory and stands at $41.21. This means that there is still room to sell ETH before it enters into oversold.
However, the price seems to be supported by the $2,700 level and, given the decreased trading volume for ETH, there may not be enough sell force to push it below $2,700 and maintain a level below the key support level.
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