[Ethereum stalls at $2,600 despite attempts to break resistance]
The crypto market started the week with a bearish trend, with the overall market capitalization declining by 0.73%, as the major cryptocurrencies showed a downward trend despite a 35.46% increase in daily trading volume. Bitcoin fell 3.08%, slipping to $58,000, while Ethereum fell 3.44% over the past 24 hours, back to $2,500.
Earlier in the day, Ethereum reached a high of $2,663 but later fell to $2,565. At press time, Ethereum was trading at $2,577. Over the past week, ETH price has fallen by 0.41%, mainly due to multiple failed attempts above $2,600. Although the coin reached highs of $2,721, it eventually retreated.
Market analyst Ali predicts that Ethereum may fall to the $2,300 range, and unless the price can break above $2,800, the bearish trend may continue. The short-term 9-day moving average is below the 21-day moving average, indicating continued selling sentiment. Currently, the coin’s RSI is 38.61.
Additionally, spot Ethereum ETFs have shown negative net outflows over the past week, failing to show significant inflows, according to data from SoSoValue.
