The price faced strong resistance at $1735 level and has been falling ever since.
If the price breaks above $1665 resistance level then it will likely test $1735 yet again.
The crypto market today continued its bearish phase. In recent days, the value of Bitcoin (BTC) has struggled to rise beyond the $28,000 mark, and on Monday morning, it was trading at about $27,769, down 0.69% in the last 24 hours. The selling pressure has resulted in significant losses for most altcoins as well.
A Safe multisig wallet with the address 0xbC9a9 sent 1,700 ETH to the Ethereum Foundation address recently, and the address swapped those tokens for almost 2.74 million USDC, according to on-chain statistics. A further 494k USDC were subsequently transferred from the multisig wallet to the Ethereum Foundation.
Moreover, as an after effect of PoS transition, the average transaction on the Ethereum network now costs just 7 gwei, or around $0.24, according to recent statistics. The current average cost of a transaction on the widely used NFT marketplace OpenSea is $0.94.
Bearish Sentiment Looms
At the time of writing, ETH is trading at $1615, down 0.73% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 33.14%. The price faced strong resistance at $1735 level on October 2 and has been falling ever since.
If the price breaks above $1665 resistance level then it will likely test $1735 level yet again. Moreover, if it manages to breach this level then it will rally towards the $2000 area. On the other hand, if bears continue their domination and drive the price below $1611 then it will test $1569 support level.
Price movements in cryptocurrencies are still being influenced by a complex web of factors, including geopolitical tensions, market speculation, and the characteristics of the crypto market itself.