• ETH failed to reach the $2950 resistance, and it reached near the $2970 mark, after which it began a new downtrend.
• ETH’s price currently stands at $2,711.65 after a 7.65% drop over the last 24 hours.
• Since the support level is strong, there may not be sufficient sell pressure to force ETH below $2700.

Many coin prices have been indicating that the global cryptocurrency market is in trouble today. It is currently trading at $35,971. (ETH) is trading at a $2,691 price, making it the 2nd-largest cryptocurrency by market capital. ETH’s market cap currently stands at $33,953,253,628.

ETH saw a 24-hour trading volume of $24,117,506,870 which is a 32.67% increase from yesterday’s numbers.

ETH failed to reach the $2950 resistance, and topped at the $2970 mark, after which it began a new downtrend. It fell sharply below $2,900 and $2.850.

After a low of $6,678, the price rebounded a bit and reached $2,720. It even rose above the 23.6% Retracement Level.

ETH’s price currently stands at $2,711.65 after a 7.65% drop over the last 24 hours. ETH’s price also dropped by 7.37% in the week.

1. Day chart of ETH/USDT from TradingView

The daily chart for ETH/USDT suggests that ETH’s price is not done falling yet as the 50 EMA lies under the 100 EMA. The ETH/USDT chart clearly shows that bears hold the advantage as most of the volume over the past 2 days was sell volume.

RSI 14 (“Relative Strength Indicator”) is also on a path to being oversold and currently stands at $41.21. This suggests that ETH is still available for sale before it becomes oversold.

The $2,700 level seems to support the price. Given the decrease in trading volume of ETH, it is possible that there will not be enough sales force to bring the price down to $2,700 or maintain a level lower than the key support level.

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