• CoinMarketCap reports that the (ETH price) has fallen in 24 hours.
• The current price of ETH hovers around $1755.02, an approximately 6.98% decrease from yesterday.
• Monthly trading prices for ETH/USDT have fallen below the 20 Moving average (MA), reaching a low of March 2021.

According to CoinMarketCap, Ethereum (ETH) has seen its price drop in the past 24 hours.

ETH hovers around $1,755.02, representing an approximate 6.98% decline in value since the previous day. The price decline over the past seven days is reflected in ETH’s 24-hour performance. This is to be noted: ETH’s price has fallen just over 10% within the past 7 days.

ETH’s price falls below the 20 MA line. Source: TradingView

According to the ETH/USDT monthly chart, the price of Ethereum has fallen below the MA (20 Moving Average) and reached a level that was set first in March 2021. The current level is significant because it has played a role in ETH’s price movement on the monthly chart multiple times.

This level ETH was first reached in February 2021, when it acted like a resistance level. ETH then broke past the level to soar to $2,500 before retracing back down to $1,754 – the level at which the ETH is now.

DeFi activity has been decreasing on the Ethereum blockchain, which could explain the ETH price decline. Importantly, the largest DeFi protocol on Ethereum— Aave— lost 15% value over the past month.

What’s more, as analysts say, this price dip of ETH is a pullback before a strong bull rally that might be ignited by ETH 2.0’s launch.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. This article is not intended to be used as investment advice. CoinQuora urges users to conduct their own research prior to investing in cryptocurrency.

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