Ethereum's price movement today has been influenced by a combination of technical and market factors. Despite a recent bullish rally in the broader cryptocurrency market, Ethereum has faced pressure, struggling to maintain its support level at $3,000. Analysts have pointed out that Ethereum's 30-day MVRV ratio suggests a high probability of a price reversal at current levels, indicating potential accumulation by large investors. This aligns with the observation of whale activity, which often precedes upward momentum. However, Ethereum's price has retraced, reflecting a broader market correction and a decrease in investor sentiment.
The cryptocurrency has seen a 9.3% decrease over the past week, dropping from $3,630 to $3,235. This decline is part of a larger market retrace, with Ethereum facing resistance below $3,400. Despite the recent downturn, analysts remain optimistic about Ethereum's long-term potential, with some predicting a possible rally towards the $6,000 mark based on current technical patterns. However, in the short term, Ethereum's price remains under pressure, with key support levels at $3,100 and $3,000 being closely watched by investors.
Ethereum's price has decreased by 0.99% today, currently trading at $3,233.97. The cryptocurrency reached a high of $3,268.82 and a low of $3,222.13 during the day.