- Ethereum declined 4.5% in 24 hours, trading near support at $3,539.63.
- Market cap dropped to $425.29B, while 24-hour volume surged 7.14% to $41.26B.
- ETH faced rejection near $3,697, creating near-term pressure within a key channel.
Ethereum experienced a sharp pullback after its recent resistance test near $3,697.08 failed to hold. The price dropped 4.5% within 24 hours, bringing ETH to a current value of $3,530.30. This decline positions the token just below a critical support zone marked at $3,539.63.
Notably, the failure to sustain momentum above the descending trendline resistance has intensified focus on the green demand zone. As the price retraces, the structure remains fragile. The red rejection area on the weekly chart further emphasizes the resistance zone’s importance in this phase of the market. Market participants now closely monitor how Ethereum performs around the $3,530–$3,540 level, especially with current volatility trends.
Market Cap Falls as Volume Sees Noticeable Uptick
Ethereum’s market capitalization declined to $425.29 billion, aligning with the 4.77% overall price drop across the last 24 hours. However, the 24-hour trading volume rose to $41.26 billion—an increase of 7.14%. This volume surge reflects growing interest as ETH tests key structural support.
While price action weakened, the increase in transaction volume suggests significant market activity around the current range. This data aligns with recent technical rejection, where selling pressure intensified once ETH neared the upper red band. This rising volume trend may indicate liquidity shifting between resistance and support, adding short-term pressure on price movement.
Traders Watch $3,539.63 Support After 3.4% BTC Pair Decline
In BTC terms, Ethereum trades at 0.03011 BTC, marking a 3.4% decline in the pair. The weakening ETH/BTC ratio reinforces Ethereum’s relative underperformance over the short term. Against this backdrop, the $3,539.63 level becomes increasingly critical as price consolidates just below.
Ethereum faced another rejection near resistance, but support remains intact. If it holds, a significant move could follow. Many ETH holders still anticipate a long-term push toward the $10,000 mark.
The current 24-hour range spans between $3,526.50 and $3,857.82. This narrowing movement bracket hints at further price compression unless buyers defend the green support zone. In case of breaking it, traders can re-evaluate near-term placement near the mid-$3,000s. The weekly chart demonstrates the historic consolidation in this area, which indicates that Ethereum may be more sensitive to price action as it nears a structural turning point.
