Ethereum (ETH) is facing challenges as its price fell by 1.07% to $2,747.84, and its market cap stood at $331.19 billion.
Price Drop and Market Capitalization
Under strong selling pressure, Ethereum struggles to surpass key resistance levels. Its market capitalization decreased by 1.06%, while trading volume fell by 5.28% to $28.58 billion.
Key Resistance and Support Levels
Ethereum's price hovers around key resistance points at $2,762.71 and $2,754.17. The nearest support level is at $2,739.27. A breakout above resistance could push the price towards $2,800, while breaking below support could lead to a fall below $2,700.
Technical Indicators Analysis
The Relative Strength Index (RSI) stands at 43.12, indicating weak momentum. The 9-day moving average is below the 21-day, forming a bearish trend. The Chaikin Money Flow shows weak inflows, suggesting cautious investor behavior.
Ethereum needs to overcome the $2,762.71 level to regain upward momentum. A breakthrough here could unlock further growth potential. However, continued bearish pressure might lead to further decline.
