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Ethereum (ETH) Price Tumbles. Here’s Why

Updated: 16 Mar 2021

Ethereum (ETH/USD) price is trading almost 10% down on the week after the buyers failed to stay above the $365 handle.

On the fundamental side, the latest data shows that a number of daily Ethereum transactions exceeded the 1.4 million mark on Thursday for the first time ever. This way, a new record high has been placed, surpassing the previous high set on January 4, 2018, when 1,350,000 transactions were logged.

As a result, the fees on the Ethereum network have increased greatly. This leed to ETH miners earning a record $500,000 in fees in only one hour on September 1.

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Ethereum price is now testing key intraweekly support near $330. A break below this level opens the door for a move to $290. The world’s second-largest digital coin is now trading over 22% in the red this week.

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