- The price faced strong resistance at $1735 and has been falling ever since.
- If the price breaks above the $1665 resistance level, it will likely test $1735 again.
Ethereum Price Consolidates Amid Looming Bearish Sentiment. Today’s gloomy trend in the cryptocurrency market persisted. The price of Bitcoin (BTC) has been struggling in recent days to surpass $28,000; on Monday morning, it was trading at roughly $27,769, down 0.69% from the previous day. The majority of altcoins have also suffered significant losses as a result of the selling pressure.
Ethereum Price Consolidates Amid Looming Bearish Sentiment. On-chain statistics show that a Safe multi-wallet with the address 0xbC9a9 recently transmitted 1,700 ETH to the Ethereum Foundation address, which was exchanged for about 2.74 million USDC. The multi-sig wallet then transferred another 494k USDC to the Ethereum Foundation.
The average transaction on the Ethereum network now only costs seven gwei, or roughly $0.24, as a result of the PoS switch, according to recent data. On the popular NFT marketplace OpenSea, a transaction currently costs $0.94 on average.
Bearish Sentiment Looms
According to data from CMC, at the time of writing, ETH is trading at $1615, down 0.73% over the past 24 hours. The trade volume has also increased by 33.14%. On October 2, the price encountered significant resistance at the $1735 level and has declined since then.
The price is expected to try the $1735 level once again if it breaks over the $1665 resistance level. Furthermore, if it succeeds in breaking through this barrier, it will surge toward $2000. Conversely, if bears maintain their dominance and push the price below $1611, the support level of $1569 will be tested.
Ethereum Price Consolidates Amid Looming Bearish Sentiment. Geopolitical tensions, market speculation, and the features of the cryptocurrency market are just a few of the complicated elements that continue to impact price changes in the cryptocurrency market.