- 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 Struggles as Bears Continue Domination. 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 Struggles as Bears Continue Domination. According to on-chain data, a Safe multi-wallet with the address 0xbC9a9 recently transmitted 1,700 ETH to the Ethereum Foundation address, which address then exchanged those tokens for about 2.74 million USDC. Another 494k USDC was sent to the Ethereum Foundation from the multi-sig wallet.
Additionally, the average transaction on the Ethereum network now only costs seven gwei, or roughly $0.24, due to the on-switch. Statistics On the popular NFT marketplace OpenSea, the average transaction fee is $0.94.
Bearish Sentiment Looms
Ethereum Price Struggles as Bears Continue Domination. 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 $1735, following which it has been declining.
Price will probably attempt the $1735 level once more if it rises above the $1665 resistance level. Furthermore, if it breaks through this barrier, it will surge toward $2,000. On the other hand, the price will test the $1569 support level if bears maintain their dominance and drive the price below $1611.
Geopolitical concerns, market speculators, and peculiarities of the cryptocurrency market all continue to impact how much cryptocurrency prices fluctuate.