Plunge

Ethereum

Token

2024

<p>The post <a href="https://coinpedia.org/price-analysis/ethereum-drops-10-today-eth-price-to-plunge-below-2-8k/">Ethereum Drops 10% Today! ETH Price To Plunge Below $2.8K?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The altcoin leader, ETH price, started 2024 positively by adding over 79.34% in valuation, resulting in the price recording a high of $4,094.75. After trading sideways for a while, the bulls lost momentum and since then, the price has been trading under a bearish influence.</p> 
<p>Moreover, the global market cap of the crypto industry has recorded a correction of 9.87% within the past day, resulting in its valuation falling down to a two-month low of $2.10T.</p> 
<h2 class="wp-block-heading" id="h-ethereum-token-breaks-down-its-crucial-support-level">Ethereum Token Breaks Down Its Crucial Support Level:</h2> 
<p><a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/" target="_blank" rel="noreferrer noopener">Ethereum price</a> continues to display a strong bearish influence by recording a correction of 9.55% within the past day. Moreover, the ETH token has lost 12.64% within the past week and 19.48% over the past 30 days, highlighting a rising disinterest of investors in it.</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/vhbGIShJBdEWpPP1unpyV_n5c4EUQ-wT4t2bC46Q1Yei05HZnD6Sn593IKls2LuKgwrsKqJ-XTXkYlyt_KmY-FEKO2xvY2ChvM0Zb3VOc95_BOmPENB23xUKFP2Ys20RwKKMEBTwSTIHAV4tTDW5V_M" alt="ETH Price Analysis">
 <figcaption class="wp-element-caption">
  TradingView: ETH/USDT
 </figcaption>
</figure> 
<p>After breaking down its symmetric triangle pattern, the <a href="https://markets.coinpedia.org/ethereum/" target="_blank" rel="noreferrer noopener">ETH token</a> has formed a falling channel pattern and continues to trade within it, indicating a bearish outlook for the leader of altcoins in the coming time.</p> 
<p>The technical indicator, MACD, shows a rising red histogram, indicating an increase in the selling pressure within the crypto space. Moreover, the averages display a bearish convergence, suggesting the price will continue losing value this week.</p> 
<h2 class="wp-block-heading" id="h-will-eth-price-ever-go-back-up">Will ETH Price Ever Go Back Up?</h2> 
<p>If the market regains momentum, the Ethereum price will test its resistance level of $3,150. Maintaining the price at that level will set the stage for the <a href="https://coinpedia.org/price-analysis/will-ethereum-eth-price-plunge-to-2-8k-as-bearish-trend-intensifies/">ETH price</a> to attempt to test its upper resistance level of $3,500 during the upcoming weeks.</p> 
<p>However, if the bears continue to hold power over the bulls, the Ethereum token will continue trading under a bearish influence and plunge to test its crucial support level of $2,631.50 in the coming time.</p> 
<p>Also Check Out : <a href="https://coinpedia.org/news/crypto-market-crash-to-get-worse-with-major-altcoins-dropping-nearly-40/">Crypto Market Crash To Get Worse With Major Altcoins Dropping Nearly 40%</a></p>

Ethereum Drops 10% Today! ETH Price To Plunge Below $2.8K?

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