Ethereum price has witnessed a tough time lately, the altcoin logged heavy losses over the past one week. Broader market weakness could be blamed for the coin’s current price momentum. Bitcoin slid on its chart and was trading at $21,000 at the time of writing.
Other altcoin also depreciated following BTC’s price action. Over the last 24 hours, Ethereum price fell by 4%. It has been a consistent downtrend after the coin lost the $2,000 price mark. The technical outlook for Ethereum price was also bearish as sellers had taken over at the time of writing.
If selling momentum takes over, it can be so that Ethereum might lose its support level and might fall considerably. The coin also formed a descending line which has intersected with the tough resistance mark of ETH.
If Ethereum manages to stay above its immediate support level then the coin might not after all trade near the $1,300 support mark. The global cryptocurrency market cap today is $1.05 Trillion, with a 2.1% negative change in the last 24 hours. ..
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