Ethereum Slides Below $2,800: Charts Show Reasons for Correction

Ethereum has experienced a notable downturn, dropping to $2,816 and shedding over 3% in the past hour. This decline follows a broader market correction that’s impacted major cryptocurrencies like Bitcoin. Market cap is currently at $339.8 billion with a spike in trading volume of 25%, indicating heightened activity during the sell-off. Ethereum’s price action on the chart reveals a trend of decreasing highs and lows over the past three days, marked by multiple attempts to break through resistance around $3,050-$3,100. The recent breakdown below short-term support at $2,900 suggests heavy sell pressure.