The price of Ethereum, the second most popular cryptocurrency, has recently dropped below the key resistance level. On Monday, the price of Ethereum dropped by over 2%, reducing the gains from the previous day. Traders are cautious about the price trend and think it could revisit the key range of support in the coming days.
Ethereum’s price fluctuations have been in the headlines in recent months due to its volatility. The currency first made its mark in February this year when it reached an all-time high of $2,036. This was followed by a period of sharp declines, resulting in a low of $1,285 in March.
Recently, Ethereum surged above its resistance level, reaching a new high of $3,614 on May 12th. However, the price retraced towards the end of the week, and it is now hovering around $3,115. This 14% drop has many speculators worried, wondering if this is the beginning of another bearish trend.
The cryptocurrency market is known for being highly volatile, and traders should be prepared for sharp swings in prices. On the other hand, there is also a lot of optimism surrounding digital currencies, with many predicting that Ethereum, in particular, will continue to gain traction in the coming months.
Nonetheless, traders are remaining cautious, watching for signs that the price will rise again once it reaches its level of support. Ethereum’s support has been set to $2,900, so investors are observing whether the price will rebound from this level or continue to break below that significant range.
Overall, Ethereum remains one of the most popular and well-known cryptocurrencies in the market, with many investors betting on its future success. Its price will continue to be closely monitored by traders in the coming days and weeks, and it will be interesting to see what new developments arise as the market continually evolves.
According to https://www.newsbtc.com/analysis/eth/ethereum-price-plunges-1760/
The material in this article is written on the basis of another article.