The altcoin leader, ETH price, started 2024 positively by adding over 79.34% in valuation, resulting in the price recording a high of $4,094.75. After trading sideways for a while, the bulls lost momentum and since then, the price has been trading under a bearish influence.

Moreover, the global market cap of the crypto industry has recorded a correction of 9.87% within the past day, resulting in its valuation falling down to a two-month low of $2.10T.

Ethereum Token Breaks Down Its Crucial Support Level:

Ethereum price continues to display a strong bearish influence by recording a correction of 9.55% within the past day. Moreover, the ETH token has lost 12.64% within the past week and 19.48% over the past 30 days, highlighting a rising disinterest of investors in it.

After breaking down its symmetric triangle pattern, the ETH token has formed a falling channel pattern and continues to trade within it, indicating a bearish outlook for the leader of altcoins in the coming time.

The technical indicator, MACD, shows a rising red histogram, indicating an increase in the selling pressure within the crypto space. Moreover, the averages display a bearish convergence, suggesting the price will continue losing value this week.

Will ETH Price Ever Go Back Up?

If the market regains momentum, the Ethereum price will test its resistance level of $3,150. Maintaining the price at that level will set the stage for the ETH price to attempt to test its upper resistance level of $3,500 during the upcoming weeks.

However, if the bears continue to hold power over the bulls, the Ethereum token will continue trading under a bearish influence and plunge to test its crucial support level of $2,631.50 in the coming time.

Also Check Out : Crypto Market Crash To Get Worse With Major Altcoins Dropping Nearly 40%

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