At the moment of writing this article, ETH is trading in the green, and the coin is priced at $345.89, and the coin is up by 1.80% in the past 24 hours.
Ethereum is now trading about 28.53% lower than it was at the turn of the month after succumbing to bearish sell pressure over the past week.
ETH struggles above $340 following a fall in price
The digital asset was able to bounce at this price from the $316 level of support over the weekend.
“The $316 level has been mapped out after a support/resistance flip at the end of July, which eventually paved the way for a period of bullish continuation that saw Ethereum reach as high as $490,” according to the online publication Coinrivet.
The same online publication also noted that “while holding above $316 will be key, in the short term Ethereum is showing signs of weakness with the four-hour 50 EMA crossing the 200 EMA to the downside for the first time since June.”
They continue and address the fact that the velocity and efficiency of the recent price drop of ETH can only be attributed to the lack of long-term belief in DeFi projects like Sushi and Yearn Finance.
We recommend that you check out the complete original article in order to read all the details about the analysis.
New ETH warning revealed
In other news, just the other day, DataDash founder and crypto analyst Nicholas Merten issued a warning and revealed that a larger move to the downside looms for Bitcoin (BTC) and Ethereum (ETH).
On the other hand, he said that even if BTC goes below $10k, this is nothing “too crazy” and if it hits $9k, this will mean a 25% drop in the price of the coin which we have seen before as well.
He believes that ETH will go down more as well.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
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