Top Reason Why Ethereum (ETH) Price Is Down Today!

The post Top Reason Why Ethereum (ETH) Price Is Down Today! appeared first on Coinpedia Fintech News
The cryptocurrency market has recorded a significant correction of 3.47% within the past 24 hours. Further, top crypto tokens have displayed a similar price trend breaking down their important levels.
Moreover, the altcoin leader, Ethereum price has recorded the highest correction of about 8% among the top 10 cryptocurrencies by market capitalization. With questions like “Will ETH price retest its low of $2.8K?” and “Why is Ethereum Going Down?”, the crypto market has entered a FUD-like situation.

Ethereum's price drop can be attributed to a combination of factors, including the broader market correction, and the recent network congestion issues. The 8% decline is not entirely unexpected, given the coin's recent rally to $3.2K. This downturn could be a buying opportunity for long-term investors, as the fundamentals of the Ethereum network remain strong. The current support level of $2.8K will be crucial in determining the coin's short-term trajectory, with a potential retest of this level possible if the bearish sentiment persists.