Ethereum Price Plummets Following Rejection at $2,700 Level and Selling Pressure

Ethereum’s price dropped 3.05% to $2,476 after hitting a peak of $2,700. Selling pressure is reflected in market data showing more ETH sold than bought. Whale activity has also shifted negatively with large holders selling off 188.6K ETH. There’s a crucial resistance at $2,800, while bearish indicators suggest caution ahead. This development puts substantial pressure on the $2,200 support level.

Ethereum (ETH) has experienced a decline of 3.05%, currently trading at $2,476 following a rejection at the $2,700 threshold just two days ago. This downturn commenced after ETH hit a low of $2,463 amid a significant selloff, which occurred despite earlier gains that had pushed Ethereum up over 40% in the month. Investors have seen ETH struggle to maintain its footing after a brief rally.