Why is Ethereum (ETH) price down today?

Dec 11. 2023

By Marcel Pechman

Ether (ETH 🔺$2,220) experienced a steep 9.5% correction on Dec. 11. However, buyers quickly stepped in to defend the $2,220 support. Traders are now beginning to question whether the Ethereum network has what it takes to reinstate the bullish momentum in Ether price.

ETH capitalization in USD (blue) vs. altcoins, exluding stablecoins (orange). Source: TradingView

It is worth noticing that the correction aligned with the broader cryptocurrency market, with Ether’s 6.7% decline in the last 24 hours closely matching Bitcoin’s (BTC🔻$41,637) -5.4% and XRP’s (XRP🔻$0.62) -6.6% performances.

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