Ethereum Crashing: Is ETH Heading To $3,200?
Ethereum is extending losses when writing. In the past 24 hours, the coin is down 7%, pushing weekly losses to 16%. The pullback has also caused its market cap to shrink to $407 billion when writing. Technically, the uptrend is valid, but the cool-off is expected after rapid gains in the better part of Q1 2024.
So far, Ethereum is under pressure and might continue dropping in the coming weeks. The fall has now seen its market cap contract to $407 billion. At the same time, there is an uptick in selling volume, rising 21$ to $24 billion. If this volume keeps swelling, it will suggest that sellers are in control, heaping more pressure on the coin.
Traders can watch the following Ethereum news events and developments today:
- The meme coin mania in Solana saw the high throughput blockchain flip Ethereum in trading volume over the weekend. Data shows that the blockchain generated $6.3 billion in trading volume over the weekend versus Ethereum’s $4.4 billion. The success of meme coins such as BOME and SLERF has seen millions of investor money flow to Solana.
- Standard Chartered projects Ethereum to reach $14,000 if spot ETFs are approved. The expansion will reflect the current rally seen following the approval of a similar product in January 2024.
Ethereum Price Analysis
ETH/USD is within a bear breakout formation, looking at the candlestick arrangement in the daily chart.
Like Bitcoin, Ethereum is tanking when writing.
Notably, the coin is below the dynamic support marked by the 20-day moving average.
In the current formation, sellers might find entries below March 17 highs of around $3,700.
Immediate targets can be $3,200 or March 5 lows. This coincides with the 50% Fibonacci retracement level of the January to March 2024 trade range.
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