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.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/ethereum-price-analysis-eth-price-hovers-near-2700-more-downside-in-offer/