Ethereum breaks below $2,950 on a daily basis, $2,500 also in jeopardy

Daniel Yan, co-founder of cryptocurrency service provider Matrixport, told X: “Ethereum (ETH) is disappointing from both a fundamental and technical perspective. A break below $2,950 on a daily basis could easily break the $2,500-$2,600 range.” Ethereum is currently trading just below $2,950.

Earlier, crypto market data analytics platform Into the Block reported that ETH network transaction fee revenue fell 29.1% week-over-week, with major layer 2s such as Avitrum (ARB) and Optimism (OP) accounting for 82% of transactions.