Just like most altcoins, the Ethereum price was in the red earlier on Monday. The coin’s total market capitalization inched more than 1% lower to $372 billion. In the last 24 hours, the total volume of ETH traded slipped 11.94% to $13 billion. Ethereum is the second-largest cryptocurrency in the world and the largest altcoin.
ETH Price Action
In the last seven days, both the Ethereum price and Bitcoin price have been declining. The slump in the prices of the lead cryptocurrencies has dampened the overall crypto performance. The global crypto market capitalization has declined more than 2.83% in the last 24 hours. The total crypto market volume of the last 24 hours has also fallen 6.97% to $90.13 billion.
The ETH price has been on a downward trend for the last seven days, declining more than 5%. While there are no immediate catalysts to the decline in the coin’s price, some analysts have linked it to the software flaw in the Go Ethereum, although it has been fixed. Go Ethereum is the most popular software used to verify transactions in the Ethereum network. The flaw in the software nearly triggered a crisis for the widely used cryptocurrency blockchain in the world.
Analysts seem uncertain about the coin’s performance in the next few days. However, they remain optimistic over its overall performance this year.
Ethereum Technical Analysis
For the past three weeks, the Ethereum price has been trading sideways. It has been range-bound, trading within $3.400 and $3.000. At the time of writing, the time of writing the coin was down 1.62% at $3,171.22.
On the daily chart, it is trading above the 25-day and 50-day exponential moving averages. Its Relative Strength Index (RSI) has been on a downward trend but holds above 50, keeping the bulls hopeful.
Therefore, the Ethereum price is likely to continue trading sideways for the next few days before bouncing back. The bulls are eyeing the key level at $3.4000. On the flip side, a move below the support at $3.000 will invalidate this view.