$2,700 ETH Support Level Holds Strong and May Continue To Hold By CoinQuora

$2,700 ETH Support Level Holds Strong and May Continue To Hold

Cryptocurrency May 06, 2022 03:00PM ET

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$2,700 ETH Support Level Holds Strong and May Continue To Hold

ETH struggled to settle above the $2,950 resistance and topped near the $2,970 level after which it started a new decline.
ETH’s price currently stands at $2,711.65 after a 7.65% drop over the last 24 hours.
There may not be enough sell pressure for ETH to drop below $2,700 as the support level holds strong at the moment.

The global crypto market has tumbled today, where many coin prices waved a red signal. Bitcoin is registered at a price of $35,971. Ethereum (ETH), which is the second-largest coin by market cap, is currently trading at a price of $2,691. ETH’s market cap currently stands at $33,953,253,628.

ETH saw a 24-hour trading volume of $24,117,506,870 which is a 32.67% increase from yesterday’s numbers.

ETH struggled to settle above the $2,950 resistance and topped near the $2,970 level after which it started a new decline. There was a sharp drop below the $2,900 and $2,850 levels.

A low was formed near $6,678 after which the price corrected by a few points and there was a recovery wave above $2,720. The price even climbed above the 23.6% retracement level.

ETH’s price currently stands at $2,711.65 after a 7.65% drop over the last 24 hours. ETH also saw a 7.37% drop over the last week.

ETH/USDT 1-day chart (source: TradingView)

The daily chart for ETH/USDT suggests that ETH’s price is not done falling yet as the 50 EMA lies under the 100 EMA. Clearly, bears have the upper hand looking at the ETH/USDT chart as the majority of the volume in the last 2 days has been sell volume.

RSI 14 (Relative Strength Index) also seems to be on a trajectory to oversold territory and stands at $41.21. This means that there is still room to sell ETH before it enters into oversold.

However, the price seems to be supported by the $2,700 level and, given the decreased trading volume for ETH, there may not be enough sell force to push it below $2,700 and maintain a level below the key support level.

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2ADV May 08, 2022 10:54AM ET

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