Ethereum price drops to $2,420, losing 4% in a week and falling below $300B market cap.
Technical analysis shows bearish signals on 4-hour chart, with potential drop to $2,150.
On-chain data indicates crucial support at $2,300, where 2.77M addresses hold 52.65M ETH.
Ethereum (ETH) finds itself navigating turbulent waters as its price experiences a notable decline, raising concerns about the sustainability of key support levels. Currently trading at the $2,400 level, ETH has recorded a 2% drop in the past 24 hours and a more substantial 4% decrease over the past week.
This downward movement has pushed Ethereum’s market capitalization below the $300 billion threshold, settling at $291 billion with a 24-hour trading volume of $16.11 trillion.
Technical analysis of Ethereum’s daily chart reveals a larger falling channel pattern, indicative of an ongoing downtrend. The bullish momentum within this bearish channel struggles to gain traction, facing significant resistance at
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