Ethereum

Safe

Bitcoin

<ul>
 <li><strong>The price faced strong resistance at $1735 level and has been falling ever since.</strong></li>
 <li><strong>If the price breaks above $1665 resistance level then it will likely test $1735 yet again.</strong></li>
</ul>
<p>The crypto market today continued its bearish phase. In recent days, the value of <a href="https://thenewscrypto.com/as-bitcoin-bulls-assemble-will-btc-surpass-30000-soon/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) has struggled to rise beyond the $28,000 mark, and on Monday morning, it was trading at about $27,769, down 0.69% in the last 24 hours. The selling pressure has resulted in significant losses for most altcoins as well.</p>
<p>A Safe multisig wallet with the address 0xbC9a9 sent 1,700 ETH to the Ethereum Foundation address recently, and the address swapped those tokens for almost 2.74 million USDC, according to on-chain statistics. A further 494k USDC were subsequently transferred from the multisig wallet to the Ethereum Foundation.</p>
<p>Moreover, as an after effect of PoS transition, the average transaction on the <a href="https://thenewscrypto.com/ethereum-price-consolidates-amid-looming-bearish-sentiment/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> network now costs just 7 gwei, or around $0.24, according to recent statistics. The current average cost of a transaction on the widely used NFT marketplace OpenSea is $0.94.</p>
<h3 class="wp-block-heading" id="h-bearish-sentiment-looms">Bearish Sentiment Looms</h3>
<p>At the time of writing, ETH is trading at $1615, down 0.73% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 33.14%. The price faced strong resistance at $1735 level on October 2 and has been falling ever since.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="660" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/10/ETH_7D_graph_coinmarketcap-2.png" alt="" class="wp-image-83537" srcset="https://thenewscrypto.com/wp-content/uploads/2023/10/ETH_7D_graph_coinmarketcap-2.png 660w, https://thenewscrypto.com/wp-content/uploads/2023/10/ETH_7D_graph_coinmarketcap-2-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/10/ETH_7D_graph_coinmarketcap-2-150x81.png 150w" sizes="(max-width: 660px) 100vw, 660px">
  <figcaption class="wp-element-caption">
   Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>
  </figcaption>
 </figure>
</div>
<p>If the price breaks above $1665 resistance level then it will likely test $1735 level yet again. Moreover, if it manages to breach this level then it will rally towards the $2000 area. On the other hand, if bears continue their domination and drive the price below $1611 then it will test $1569 support level.</p>
<p>Price movements in cryptocurrencies are still being influenced by a complex web of factors, including geopolitical tensions, market speculation, and the characteristics of the crypto market itself.</p>

Ethereum Price Struggles as Bears Continue Domination

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