The ETHEREUM market witnessed a modest decrease in prices last day, as the broader encryption market interacts with news of commercial talks between the United States of China, which is likely to result in a negative result. In the midst of this decrease, Ethereum prices fell to about $ 2550 before showing a slight recovery in the past few hours.
Meanwhile, the famous market analyst states with X Username Daan Crypto that Altcoin is now facing great resistance to prices, which is affected by the result of the future prices.
Why should the Ethereum bulls restore the axial area of $ 2800 – analyst
in X post On May 30, Daan Crypto is involved in an insightful technical analysis indicating that ETHEREM is now facing a large price barrier at $ 2800 in the price area.
It is worth noting that the popular analyst shows that 2800 dollars have proven to be an important level of prices in the ETH market, regardless of the price direction. Historically, a decisive closure above or down this region led to a large price movement. In the opposite direction. This example was seen when prices were traded up to 4000 dollars in late 2024, and the correction of the extended market that forced the prices for a decrease of $ 1400.
Since the encryption market began to recover in April, Ethereum has already faced one rejection of $ 2800, indicating strong pressure for sale in this price area. As Altcoin is now recovering from the latest decline last week, Ethereum Bulls is now expected to take another criticism at the main resistance level. Daan Crypto pushes investors to see this price level as a successful suspension that would indicate significant gains in prices.
At least, Altcoin is likely to restore the $ 4,000 price area, which represents the peak of the current emerging market price.
Ethereum network fees decrease by more than 2 %
In other news, the prominent glamorous analysis company Sentora Reports ETHEREUM has witnessed a 2.3 % decrease in the weekly network fees, indicating a decrease in transactions numbers as well as the participation of the public network. However, the net external flows of $ 516 million strongly indicate that ETH investors are still optimistic that they choose to transfer their property to private portfolios despite the decrease in the last price.
At the time of writing this report, Ethereum continues to trade at $ 2514, which reflects a 3.58 % decrease in prices last day. However, the 43.22 % market increase on the monthly graph, respectively, indicates that the current market direction is still optimistic. With the total market value of 311.69 billion dollars, ETHEREUM was ranked as the second largest encrypted and largest Altcoin in the world.
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