Are Ethereum Bulls In Problems?
The king of altcoins has registered red numbers for the past two days. ETH’s momentum recovery after the market slowdown was halted after the token followed BTC and the rest of the market.Martinez reaffirmed his analysis after Ethereum continued to dip in the early hours of Tuesday. After the token fell under the support level mentioned above, the analyst asserted that falling under $3,460 was a problem for the bulls.
dropping below $3,460 is a problem for the bulls! Given the lack of support, it increases the chances for a further correction toward $2,850 or lower. — Ali (@ali_charts)“Given the lack of support,” failing to regain this support zone could trigger further corrections for ETH that could go even lower than the previously forecasted $2,800.
ETH’s Follows Bitcoin’s Correction
Ethereum behaved no differently than the rest of the crypto market. Bitcoin’s correction saw its price drop from the $70,000 mark to hover between the $65,000-$64,000 price range.
The flagship cryptocurrency shredded 7.1% of its price in the last 24 hours. Similarly, Ethereum’s red numbers show a 7.4% drop from yesterday and a 7.5% decrease on Monday.April fools shakeout to start the quarter. Time to get to work. Let's get this bread boys 🤝 — Jelle (@CryptoJelleNL)In the weekly and monthly timeframes, the king of altcoins has decreased by 9.2% and 3.4%. However, its 3-month chart shows green numbers, with a positive 39.74% increase since 2024 started.
Despite the negative performance, Ethereum’s daily trading volume increased a remarkable 80.80%, with over $22.5 billion traded in the last 24 hours, suggesting a rise in market activity. At the time of writing, ETH was trading at $3,283.
Ethereum is trading at $3,238 in the one-day chart. Source: ETHUSDT on