The price of the Ethereum market has fallen over the past day as the broader cryptocurrency market has the potential to produce negative results on news about U.S.-China trade negotiations. In this decline, Ethereum’s price has fallen to around $2,550 and then showed a slight rebound over the past few hours.
Meanwhile, a well-known market analyst with X Username Daan Crypto pointed out that Altcoin is now facing major price resistance, and the result has an impact on future price trajectories.
Why the Ethereum Bulls Must Recall Key $2,800 Zone – Analysts
In the May 30 X post, Daan Crypto shared an insightful technical analysis showing that Ethereum is now facing significant price barriers in the $2,800 price zone.
It is worth noting that the popular analyst explained that no matter the price trend, $2,800 has proven to be an important price level in the ETH market. Historically, decisive approaches or below the area have often led to significant action on the price. In the corresponding direction. This situation was followed by an extended market correction when the price traded up to $4,000 at the end of 2024, which forced the price to go as low as $1,400.
Ethereum has faced a rejection since the crypto market began in April, with a price of $2,800, indicating strong sales pressure in the price zone. As altcoins in the past week are now recovering from their recent decline, the Ethereum Bulls are now expected to make another slip at this key resistance level. Daan Crypto nudged investors to focus on this price level, as a successful breakthrough will indicate an early price increase.
At the very least, Altcoin may recollect the $4,000 price zone representing the current peak price of the bull market.
Ethereum network fees fell by more than 2%
In other news, Sentora, a well-known block analytics firm, reported a 2.3% drop in the Ethereum network’s weekly network fees, indicating a decline in transaction volume and general network participation. Nevertheless, the exchange’s net outflow of $516 million strongly suggests that despite the recent price drop, ETH investors remain bullish as they choose to transfer their holdings to their private wallets.
At the time of writing, Ethereum continues to trade at $2,514, reflecting a 3.58% drop in price over the past day. However, the monthly charts saw market growth of 43.22%, respectively, indicating that the current market trend is still bullish. With a total market capitalization of US$311.69 billion, Ethereum was named the second largest cryptocurrency and the world’s largest altcoin.
Featured images from Pexels, charts for TradingView
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