For the trailing 7-day period, Ether has seen a massive slip from its impressive all-time high (ATH) price of $4,362, falling in tandem with the global cryptocurrency industry. The cryptocurrency, native to the Ethereum blockchain has had a good run prior to that time, as investors accumulated the coin ahead of main network upgrades.
Ethereum Fundamentals Helping to Keep the Price Above Key Support Level
Ethereum has dropped almost at the same pace it rose when it charted a new growth path for itself beginning at the end of April when it surged past the $2,700 price mark. The run to the top proved unsustainable as market forces weighed in driving the price back down. The coin’s strong fundamentals as a backbone to the growing DeFi ecosystem remains one of the top factors keeping the price above the $2,400 support level.
Imminent Price Recovery
Over the course of 5 days, ETH has dropped below 5 key support levels at $4000, $3,600, $3,200, $2,800, and $2,600 respectively.
With the price of Ethereum at $2,737.41 at the time of writing, it appears as though an anchor has finally made at $2,400. From here, we may start seeing recovery from this point. Reclaiming the $3,000 psychological level is the biggest hurdle in the short term as market bulls will strive to reclaim the ATH in the mid-longer term.
The post Ethereum Price Bows to Bear Pressure After Retracing from ATH appeared first on Invezz.
