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<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>
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<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> 
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 <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">
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  Courtesy: <a rel="nofollow" href="https://twitter.com/santimentfeed/status/1768403153828114573" target="_blank">Santiment</a>
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<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?

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