Ethereum saw a turbulent day of trading, dropping sharply from $2,724.74 to a low near $2,569.77 before rallying back to close around $2,621.66. This price action was accompanied by significant trading volume, reflecting both heightened volatility and strong market participation.
The 6% decline was driven by increased selling pressure amid market uncertainty. However, renewed confidence fueled by institutional buying interest and promising network upgrades helped Ethereum regain some ground, with analysts eyeing a potential move toward the $3,000 level.
Technical Summary
- ETH started the day at $2,724.74 before plunging sharply.
- The price bottomed out at $2,569.77, marking a 6% fall.
- A recovery followed, with ETH closing near $2,621.66.
- Short-term support was seen around $2,570.
- Trading volume surged during the downturn, indicating volatility.
- The intraday high reached $2,642.84 before the close.
Despite the choppy price action, the rebound and strong trading volumes point to sustained buying interest, suggesting the potential for further gains in Ethereum’s near-term outlook.
