The Ethereum market experienced a modest price drop in the last day, because the wider cryptography market reacts to news from American-Chinese commercial talks that potentially give a negative result. In the middle of this drop, Ethereum prices have dropped at around $ 2,550 before showing a minor rebound in the past hours.
Meanwhile, the renowned market analyst with X username Daan Crypto indicates that Altcoin is now faced with a major resistance to prices, the result of which is influential on the trajectory of future prices.
Why Ethereum Bulls must recover the pivot area of $ 2,800 – Analyst
In a post X of May 30, Daan Crypto shares a insightful technical analysis which indicates that Ethereum is now faced with a large price barrier at $ 2,800.
In particular, the popular analyst explains that $ 2,800 has proven to be a significant price level on the ETH market, whatever the price trend. Historically, a decisive closure above or below this area has often led to a significant price movement. In the corresponding direction. This body was observed when prices have negotiated up to $ 4,000 at the end of 2024 followed a prolonged market correction which forced the prices as low as $ 1,400.
Since the start of the rebound in the cryptography market in April, Ethereum has already faced a rejection of $ 2,800 indicating the presence of robust sales pressure in this price area. Altcoin is now recovering from its last drop from last week, the Ethereum bulls should now take another blow to this level of key resistance. Daan Crypto pushes investors to monitor this price level as a successful rupture, which would cause major prices.
At the very least, Altcoin is likely to recover the price area of $ 4,000 which represents the advanced price of the current Haussier market.
Ethereum network fees drop by more than 2%
In other news, Sentora, the Blockain Analysis Company, reported that the Ethereum network experienced a 2.3% drop in weekly network fees suggesting a drop in transaction numbers as well as the general commitment of the network. However, the net exchange outings of $ 516 million strongly indicate that ETH investors remain bruise when they choose to move their assets in private wallets despite the recent drop in prices.
At the time of writing this document, Ethereum continues to negotiate $ 2,514 reflecting a drop in prices of 3.58% in the last day. However, the market gain of 43.22% on the monthly graph suggests that the current market of the market remains optimistic. With a total market capitalization of $ 311.69 billion, Ethereum is classified as the second largest cryptocurrency and the largest altcoin in the world.
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