NewsletterEthereum Price Analysis: ETH Price Hovers Near $2,700; More Downside In Offer?
ETH price continues to bleed on Friday amid volatility and fear in the market. The recent price action brings it below the crucial support level. In the past three-session, ETH dropped nearly 10% cheering bears. The second-largest cryptocurrency followed the footprint of Bitcoin in a major downward trend on Friday as investors remain fearful. The overall market cap of all digital coins fell to about $1.75 million.
- ETH price trades lower with bearish momentum amid a broader crypto market meltdown.
- A decisive break below major support since March near $2,700 could bring more losses for investors.
- The price drops amid the U.S. equities sell-off indicating no immediate bounce back on the horizon.
The decline in the crypto space follows the overall performance of the global stock market.
ETH price breaks the ascending trend line
ETH price crashes to the lowest level in four months, which reflects the fearful mood of the market. The price has been under a strong bearish trend. The ascending trend line from the lows of $2,159 acts as a support for the bulls since January 24. ETH tested the trend line and tested the bearish slopping line twice.
However, on Friday the price breaks the trend line triggering a key level to initiate a fresh round of selling below $2,700. The downside target could be located at the lows of March 7 at $2,445.0.
On the flip side, if the price manages to bounce back to $2,800 and above a slight bounce-back could be expected at the price.
As of publication time, ETH/USD trades at $2,681 down 2.44% for the day. The 24-hour trading volume holds at $24,435,564.617, according to CoinMarketCap.
- Breaking: CFTC Greenlights Spot Crypto Trading on Regulated U.S. Exchanges
- TradFi Attack On Crypto? Ken Griffin’s Citadel Asks SEC to Tighten Rules on DeFi Protocols
- U.S. Weekly Jobless Claims Fall to 3-Year Low Ahead of FOMC Meeting
- S&P Welcomes WhiteBIT’s Native Coin Across Five Key Crypto Indices
- Hyperliquid Rival Aster DEX Targets Early 2026 For Layer 1 Launch
- Pi Network Price Shows Signs of Recovery as Unlock Rate Cools
- Bitcoin Price Could Break $100k as Odds of 3 Rate Cuts Hit ATH
- XRP Price Prediction as ETF Buyers Add $50.27M to Holdings
- Ethereum Price Reclaims $3,200 as Shark Wallets Accelerate Accumulation
- Dogecoin Price Holds $0.15: Bullish Reversal or Just a Temporary Bounce?
- Sui Price Surges 10% As Vanguard Group Adds SUI to Bitwise 10 Crypto Index
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
