The price of Ethereum fell amid a massive sell-off in the cryptocurrency market, fueled by fears of the collapse of the property bubble in China.
There is a lot of fear and uncertainty in the cryptocurrency market right now. With the news of China officially declaring all cryptocurrency transactions illegal, the price of Ethereum, like the rest of the market, is under attack.
Ethereum price analysis:
The altcoin has lost 5.76% in the last 24 hours. Although it is now seeking to build a stable support base at $3,000. ETH price had a turbulent start, rising to an intraday high of $3,114 early in the morning before reversing course.
To reach the first significant resistance level at $3,149, Ethereum will have to cross the $2,942 pivot. On the other hand, support from the larger market will be required for Ethereum to reclaim the $3,100 barrier. Unless there is a sustained rally in the cryptocurrency, the first significant resistance level and Friday’s high at $3,160.48 is likely to act as a cap on the upside.
Network activity is stagnant
According to Santiment, most speculators are turning away from Ethereum (ETH) in pursuit of better options with greater returns on investment.
Exchanges are experiencing an influx of Ethereum, which means that people are selling their holdings in response to the recent market-wide cryptocurrency decline.
Santiment claims that the network’s growth was flat for several months before the price of ETH plummeted.
This is due to the growth in other Layer-1 initiatives such as Avalanche (AVAX), Fantom (FTM) and Cosmos (ATOM), as well as a decrease in speculation in the non-fungible tokens (NFT) market.
