The cryptocurrency market has faced significant shifts as Ethereum lost 11% of its value in the last 24 hours. Let's explore the reasons behind the drop and the expected market prospects.
Ethereum Price Drop
In the past 24 hours, Ethereum's price dropped by 11%, reaching $2,370. This decline coincided with a 61% surge in trading volume to $38 billion. Binance's sale of approximately 25,000 ETH, equivalent to about $80 million at a price of $3,200 per ETH, significantly impacted the market. This led to a broader cryptocurrency market slump, falling over 6% in total.
Support and Resistance Analysis
Ethereum currently hovers around the crucial support zone of $2,232 – $2,433, which has historically been a point of consolidation and potential rebounds. Recently, the bearish sentiment has been exacerbated by the breakdown from a descending channel and the failure to maintain momentum above resistance levels. Of particular interest is the Relative Strength Index (RSI), now at 34.47, nearing 'oversold' territory. If buyers defend this zone, Ethereum might aim for a rebound around $2,800. Alternatively, a fall below $2,232 could trigger further decline towards $2,000.
New Trends in the Crypto Market
Despite Ethereum's price dip, investors are flocking to the presale of the new platform Best Wallet, which has already raised over $10.5 million. This extensive digital asset management platform supports over 60 blockchains. Notably, it features a section highlighting the hottest presales and offers recommendations on new meme coins. An example is the BTC BULL Token, promising Bitcoin giveaways as the market hits new peaks.
Ethereum's price decline was driven by broader market downturns caused by significant sales from major players. However, the support zone at $2,232 – $2,433 remains critical for potential trend reversals. Meanwhile, the emergence of new investment projects like Best Wallet indicates ongoing interest in innovation within the crypto space.
