Ethereum (ETH), the second-largest cryptocurrency by market capitalization, recently experienced a significant price correction, dropping below $3,100 for the first time in 29 days. This marks a notable shift from its peak performance in December, when it reached this year’s high of $4,106 on December 16. However, the all-time high for ETH, set at $4,877 on November 8, 2021, remains unbroken. Since reaching that high, Ethereum has been forming lower highs and lower lows, indicating bearish momentum in the market.
Ethereum Market Sentiment And Support Levels
The year 2024 has been tumultuous for Ethereum, with a blend of bullish catalysts and market downturns. Early in the year, Ethereum saw a 47% increase, although it lagged behind Bitcoin’s substantial gains. A key driver of optimism was the SEC’s approval of Ethereum spot ETFs in May, which not only attracted institutional investors but also contributed to a 24.7% return for that month. However, geopolitical tensio
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