Ethereum encountered a minor setback, witnessing a 3.83% decline in the past 24 hours, bringing its value to $1,980.
This dip contrasts with its positive performance over the week, where the coin exhibited an uptrend of 7%, climbing from $1,879 to its current position.
The decline in Ethereum’s value can be attributed to its recent struggle to surpass the $2,120 resistance level.
Similar to Bitcoin, the digital asset experienced a corrective downturn, slipping below crucial support levels at $2,050 and $2,000. However, the bulls intervened, preventing further losses and establishing support around the $1,930 zone.
As of now, Ethereum is trading below $2,000 and the 100-hourly simple moving average. Additionally, a significant obstacle lies in a bearish trend line forming with resistance near $2,000 on the hourly chart of ETH/USD.
Sophia Hernandez is an experienced crypto writer who has been writing about crypto and blockchain technology for 3 years. She has a deep understanding of the complexities of the crypto market and is skilled at breaking down these concepts into easy-to-understand language for readers.
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