Ethereum’s price faces challenges as bearish trends persist

• Bitcoin struggles to surpass $28,000, currently valued at approximately $27,769.
• A multisig wallet transferred 1,700 ETH to the Ethereum Foundation’s address.
• Ethereum’s average transaction cost reduced to approximately 7 gwei ($0.24).

The bearish trend in the cryptocurrency market persists today. Lately, Bitcoin has been finding it challenging to surpass the $28,000 threshold, and as of Monday morning, it was valued at approximately $27,769, reflecting a 0.69% decrease over the past 24 hours. This selling pressure has also led to substantial losses for most alternative cryptocurrencies.

A secure multisig wallet with the address 0xbC9a9 recently transferred 1,700 ETH to the Ethereum Foundation’s address, per on-chain data. These tokens were then exchanged for nearly 2.74 million USDC. An extra 494k USDC was also moved from the multisig wallet to the Ethereum Foundation.

Furthermore, following the transition to PoS, the average transaction cost on the Ethereum network has reduced to approximately 7 gwei, equivalent to about $0.24, based on the latest data. The average transaction cost on the popular NFT marketplace, OpenSea, is $0.94.

Negative Market Outlook Prevails

As of when this was written, the trading price of Ethereum stands at $1615, marking a 0.73% decrease over the past 24 hours, according to CMC data. Additionally, there has been a 33.14% increase in trading volume. The price encountered significant resistance at the $1735 mark on October 2 and has been downward since then.

Should the price surpass the resistance level of $1665, it will probably retest the $1735 level. Furthermore, it will surge towards the $2000 mark if it successfully exceeds this level. Conversely, if the bearish trend persists and pushes the price beneath $1611, it will likely challenge the $1569 support level.

The fluctuations in cryptocurrency values continue to be impacted by myriad elements, encompassing global political unrest, speculative trading, and inherent attributes of the cryptocurrency market itself.