Ethereum Falls More Than 7% In 24 hours

Ethereum’s price decreased 7.04% over the past 24 hours to $4,369, continuing its downward trend over the past week of -11.0%, moving from $4,802.28 to its current price. The trading volume for ETH has risen 46.0% over the past week diverging from the circulating supply of the coin, which has decreased 0.67%. This move brings the circulating supply to 118.37 million. The current market cap ranking for ETH is second at $514.94 billion. Since Nov. 10, ETH saw a 16.53% decline until it touched its 3-week low on November 17. Bulls failed to show resistance at the lower channel while the bears triggered a strong pullback below $4,357.64. Bulls showed some revival signs as ETH traded at $4,262.18 after noting a 2.4% increase in 24 hours. Nevertheless, the revival was on decreasing trading volumes, hinting at a weak recovery. Several other leading cryptocurrencies, including Solana and Cardano as well as the meme coins Dogecoin and Shiba Inu, have also dropped in value this week. Most of the top 10 cryptocurrencies are down by between 6 to 10 percent, with a flash crash on Tuesday comes less than a week after several of them hit all-time highs.