Ethereum Price: Heavy Sell-Off Pushes ETH Below Key Support Level

TLDR

• Ethereum dropped 10.59% on Friday to trade at $3,114.64, marking its largest single-day loss since October 10
• The decline pushed Ethereum’s market cap down to $387.83 billion, representing 11.63% of the total crypto market
• ETH failed to hold support above $3,350 and fell below key technical levels including the 100-hourly Simple Moving Average
• Over the past week, Ethereum has lost 4.73% of its value with trading volume reaching $49.03 billion in 24 hours
• Ethereum remains 37.15% below its all-time high of $4,955.90 set on August 24

Ethereum experienced a sharp decline on Friday, falling 10.59% to reach $3,114.64 by late evening trading. The drop represents the largest single-day percentage loss for the cryptocurrency since October 10.

The price movement brought Ethereum’s market capitalization down to $387.83 billion. This accounts for 11.63% of the total cryptocurrency market value.

During the 24-hour trading period, Ethereum moved within a range between $3,114.64 and $3,251.49. Trading volume for the period reached $49.03 billion, making up 22.43% of total cryptocurrency trading volume.

The decline came after Ethereum failed to maintain support above the $3,500 level. The cryptocurrency then broke through multiple support levels on its way down.

Technical analysis shows Ethereum trading below the $3,350 mark and under its 100-hourly Simple Moving Average. The price dropped below $3,250 before finding temporary support around $3,153.

Weekly Performance and Market Position

Over the past seven days, Ethereum has recorded a loss of 4.73%. During this week-long period, the cryptocurrency traded in a range between $3,114.64 and $3,657.37.

Despite the recent losses, Ethereum maintains its position as the second-largest cryptocurrency by market cap. Bitcoin, the largest cryptocurrency, also experienced declines during the same period, falling 5.09% to trade at $96,962.70.

Technical Levels and Price Action

The cryptocurrency failed to continue its upward movement above $3,550 and entered what traders call a short-term bearish zone. The decline accelerated once ETH broke below the $3,350 support level.

A bearish trend line has formed on the hourly chart with resistance positioned at $3,500. For Ethereum to stage a recovery, it would need to break above this level.

The 50% Fibonacci retracement level of the recent decline from $3,561 to $3,153 sits near $3,350. This level now serves as a key resistance point for any potential recovery attempts.

If Ethereum fails to reclaim the $3,350 level, technical analysis suggests initial support exists near $3,200. The first major support zone is located around $3,150.

At current prices, Ethereum trades 37.15% below its all-time high of $4,955.90, which was set on August 24. Tether USDt showed minimal movement during the same period, trading at $1.0005 with a 0.04% loss.

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