- Ethereum was unable to break through the $3,850 resistance level.
- There is a chance of a move towards the $3,200 barrier.
Bitcoin and Ethereum are the two most popular cryptocurrencies in use today throughout the globe. While Bitcoin had a 58% increase in value in 2021, Ethereum experienced an increase of more than 100%. The struggle between these two currencies carried on throughout last year, and the ongoing quiet rivalry between both assets continues to alter the world of cryptocurrency.
The Ethereum blockchain smart contract platform is the first of its kind. A smart contract is computer software that automatically performs the steps required to fulfil an agreement between many parties over the internet. They were created with the goal of decreasing the requirement for trusted intermediaries between contractors, hence lowering transaction costs while simultaneously improving transaction dependability.
ETH Enters Into a Bearish Zone
When trading against the US dollar, Ethereum fell significantly below $3,680 support. There is a chance of a move towards the $3,200 barrier as the price of Ethereum continues to fall. The price is now trading below $3,550, and the hourly simple moving average of 100.
Ethereum was unable to break through the $3,850 resistance level, resulting in a precipitous drop in the cryptocurrency price. ETH has fallen below the $3,750 and $3,700 support levels, putting it in a negative trend zone.
Ethereum’s current price is $3,444.86 USD, with a 24-hour trading volume of $22,497,094,963 USD, according to CoinMarketCap. In the previous 24 hours, Ethereum has lost 9.80% of its value.
