Ethereum

Tornado

View

<img width="1920" height="1080" src="https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News.jpg" class="attachment-full size-full wp-post-image" alt="" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News.jpg 1920w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News-300x169.jpg 300w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News-1224x689.jpg 1224w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News-768x432.jpg 768w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News-1536x864.jpg 1536w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News-678x381.jpg 678w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News-150x84.jpg 150w" sizes="(max-width: 1920px) 100vw, 1920px">
<p>Following the successful implementation of the <a href="https://coingape.com/trending/ethereum-dencun-upgrade-everything-you-need-to-know/" target="_blank" rel="noopener">Dencun upgrade</a>, Ethereum has encountered significant selling pressure. As of the latest update, the Ethereum (ETH) price has declined by 7.8%, trading at $3,669 with a market capitalization of nearly $450 billion. Additionally, Ethereum’s daily trading volume has surged by 45% to $32.29 billion</p> 
<h3 id="ethereum-eth-price-levels-to-watch-ahead">Ethereum (ETH) Price Levels to Watch Ahead</h3> 
<p>The <a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener">Ethereum price</a> faced resistance at the $4,000 level and initiated a downward correction, mirroring Bitcoin’s movement. ETH dipped below crucial support levels at $3,920 and $3,850, signaling a short-term bearish trend.</p> 
<p>It briefly dropped below the $3,680 support area, reaching a low of $3,625 before consolidating losses. Currently, a significant bearish trend line is forming with resistance around $3,850. The primary resistance levels are near $3,850 and the trend line, close to the 50% Fibonacci retracement level from the recent swing high at $4,083 to the low of $3,625.</p> 
<p>If the Ethereum (ETH) price surpasses the $3,880 resistance, it may regain bullish momentum, aiming for the $4,000 level. Conversely, failure to break above $3,850 could lead to further downside movement. Initial support is at $3,680, followed by a major support zone near $3,600, with a potential downside target at $3,500. A decisive break below $3,500 might trigger a decline toward $3,350.</p> 
<figure id="attachment_185979" aria-describedby="caption-attachment-185979" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-185979" src="https://coingape.com/wp-content/uploads/2024/03/ETHUSD.jpeg" alt="" width="1024" height="461" srcset="https://coingape.com/wp-content/uploads/2024/03/ETHUSD.jpeg 1024w, https://coingape.com/wp-content/uploads/2024/03/ETHUSD-300x135.jpeg 300w, https://coingape.com/wp-content/uploads/2024/03/ETHUSD-768x346.jpeg 768w, https://coingape.com/wp-content/uploads/2024/03/ETHUSD-150x68.jpeg 150w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption id="caption-attachment-185979" class="wp-caption-text">
  Source: <a rel="nofollow" href="https://www.tradingview.com/news/newsbtc:faae870a1094b:0-ethereum-price-takes-hit-but-this-support-could-spark-fresh-increase/" target="_blank">Trading View</a>
 </figcaption>
</figure> 
<p>Popular crypto analyst CrediBULL Crypto explained that the range of $3600-$3700 for Ethereum is likely to attract significant buying interest in the short term.</p> 
<p>Furthermore, blockchain analytics firm Elliptic uncovered a substantial transaction involving $12 million worth of Ether by the <a href="https://coingape.com/lazarus-group-moves-12-million-in-ether-tornado-cash-in-spotlight/" target="_blank" rel="noopener">Lazarus Group</a>. This transfer was facilitated through Tornado Cash, a cryptocurrency mixer. Despite being subject to sanctions, the North Korean hacker organization has resumed its use of this platform.</p> 
<p>The funds are traced back to a cyber-attack on HTX and the Heco Bridge in November, orchestrated by the Lazarus group. This attack resulted in significant losses amounting to $100 million for the affected platforms.</p> 
<h3 id="eth-gas-fee-drops-under-10">ETH Gas Fee Drops Under $10</h3> 
<p>According to Santiment, an on-chain data provider, the current scenario of Ethereum surpassing a $4,000 market value differs from October and November 2021. Today, the network’s transaction costs are significantly lower, standing at less than 1/6th of the previous levels. With gas fees averaging $9.35, this improvement can be attributed in part to the enhancements in network fees following the transition to Ethereum 2.0.</p> 
<figure id="attachment_185984" aria-describedby="caption-attachment-185984" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-185984" src="https://coingape.com/wp-content/uploads/2024/03/Ethereum-ETH-Gas-Fee.jpeg" alt="" width="2478" height="1767" srcset="https://coingape.com/wp-content/uploads/2024/03/Ethereum-ETH-Gas-Fee.jpeg 2478w, https://coingape.com/wp-content/uploads/2024/03/Ethereum-ETH-Gas-Fee-300x214.jpeg 300w, https://coingape.com/wp-content/uploads/2024/03/Ethereum-ETH-Gas-Fee-1224x873.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/03/Ethereum-ETH-Gas-Fee-768x548.jpeg 768w, https://coingape.com/wp-content/uploads/2024/03/Ethereum-ETH-Gas-Fee-1536x1095.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/03/Ethereum-ETH-Gas-Fee-2048x1460.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/03/Ethereum-ETH-Gas-Fee-150x107.jpeg 150w" sizes="(max-width: 2478px) 100vw, 2478px">
 <figcaption id="caption-attachment-185984" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://twitter.com/santimentfeed/status/1768403153828114573" target="_blank">Santiment</a>
 </figcaption>
</figure> 
<p>The post <a href="https://coingape.com/ethereum-eth-price-tanks-7-8-a-day-after-dencun-upgrade-next-support-level/">Ethereum (ETH) Price Drops 7.8% A Day After Dencun Upgrade, What’s the Next Support?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Ethereum (ETH) Price Drops 7.8% A Day After Dencun Upgrade, What’s the Next Support?

Table of Contents

Coingape News Media

Other articles published on Mar 15, 2024

Analyst Predicts Major Pump For XRP, But Momentum Does Not Look As Strong Compared To Rebel Satos...

Harga XRP Siap Menuju US$1, Hasil Kasus Hukum Ripple Jadi Penentu di Bulan April

Solana (SOL) Kian Bersinar saat Bitcoin Tersungkur, Jatuh di Bawah US$70.000

Hackers Compromise NFPrompt Altcoin, Prompting Swift Security Measures

Bitcoin’s (BTC) All Time High Causes Ethereum (ETH) and Option2Trade (O2T) to Rally 300%

Solana (SOL) Looks To Claim $150 While Investors Chase Potentially More Rewarding Investment In N...

Join our free newsletter for daily crypto updates!