Ether, the second-largest cryptocurrency and the coin linked to the Ethereum blockchain, fell below the $3,000 mark. According to CoinDesk, it has dropped more than 8% to $2,861. The token increased by almost 400 percent last year, compared to Bitcoin’s rise of 60 percent; nevertheless, it is down more than 18 percent in January.
Ethereum Under Pressure
The Ethereum (ETH) price is breaking under pressure and aiming for $3,000, with the last line of defense hitting $3,018 under intense bear pressure. The general downturn, as indicated by the red falling trend line, as well as present global market headwinds, are just adding to the negative momentum. Before experts start talking about a breach below $2,000, expect a break towards $2,695.
As bears prepare to blast the $3,000 barrier, Ethereum pricing is flashing red caution lights all over the place, and price action begins to drill down on the last line of defense around $3,018. Although the region is historical, and the monthly S1 support level corresponds to it, it is expected to be broken regardless, as the combination of the established downturn and global market headwinds is going to be too much to handle. The Relative Strength Index (RSI) is on the verge of being oversold; it might potentially decisively break through this level, having previously traded in the proximity on January 08.
Even with all that overhanging overhead, Ethereum has its issues, most notably the continued $40 and greater average transaction costs. On January 3, Vitalik Buterin stated that Ethereum has to be lighter in regards to blockchain data for more individuals to control and utilize it.