- Ethereum dropped 10%, bringing its market cap down to $271.46 billion.
- It remains 54.36% below its all-time high of $4,864.06.
Ethereum’s Price Dives
Ethereum (ETH) dropped 10% in a bearish move, pulling its market cap down to $271.46 billion. This accounts for 9.24% of the total cryptocurrency market.
The price of ETH fluctuated between $2,220.06 and $2,511.58 in the last 24 hours. Over the past seven days, ETH has fallen by 15.67%.
Ethereum’s current price is still 54.36% below its all-time high of $4,864.06, set on November 10, 2021.
Trading Volume Surges
Despite the price drop, Ethereum’s trading volume remained high. In the past 24 hours, ETH saw $28.90 billion in trades. This made up 17.48% of all cryptocurrency trading volume.
Over the past week, Ethereum’s trading range extended from $2,078.68 to $2,546.39, showing increased volatility.
Bitcoin and XRP Also Decline
Ethereum was not the only cryptocurrency hit by bearish pressure.
- Bitcoin (BTC) dropped 4.93% to $88,273.50. Its market cap fell to $1,769.37 billion, making up 60.24% of the total market.
- XRP lost 9.60%, trading at $2.5280. Its market cap stood at $149.27 billion, representing 5.08% of the market.
What’s Next for Ethereum?
Ethereum’s sharp decline raises concerns about its short-term performance. Traders are watching key support levels to see if ETH can hold above $2,200.
Market sentiment remains uncertain. If selling pressure continues, ETH could drop below $2,000. However, if buyers step in, a rebound could push it back above $2,500.
The next few days will be crucial for Ethereum’s price action.
