Ethereum (ETH) faced significant selling pressure, declining over 3% to around $2,640 amid a weak ETH/BTC pair and rising Bitcoin dominance. Analysts noted that a failure to hold the $2,800 level could lead to further declines toward $2,120, though a short-term bounce is possible. The market decline coincided with a security incident where an investor lost $12.4 million in ETH to an address-poisoning scam.
Ethereum has continued to face selling pressure, with the cryptocurrency market experiencing a decline linked to rising Bitcoin dominance. Technical factors and a notable security scam have impacted ETH in the short term.
At press time, ETH was trading near $2,640 with a 24-hour trading volume of roughly $36.1 billion. The asset declined more than 3.37% over the last 24 hours, according to data from CoinMarketCap.
Crypto analyst CRYPTOWZRD explained that ETH closed the latest daily session in a bearish manner due to weakness in the ETH/BTC pair. “Bitcoin dominance is increasing, which means people are holding their capital in Bitcoin rather than moving it to other coins such as ETH,” the analyst stated.
The analyst identified $2,800 as a crucial support area for ETH. If this level is not maintained, the price may fall toward the $2,120 area.
Should ETH stabilize, a short-term bounce to the $2,800–$2,880 resistance zone might occur, largely depending on Bitcoin’s movement. Trading is less active during weekends, and Bitcoin’s next move will dictate Ethereum’s short-term direction.
Separately, Ethereum encountered a significant security issue involving an address-poisoning scam. Lookonchain reported that a wallet lost $12.4 million in ETH after sending funds to an attacker’s malicious wallet by mistake.
The attacker had imitated a legitimate Galaxy Digital wallet address by matching the first and last characters. Small “dust” transactions were sent to mix in with the legitimate wallet’s transaction history.
This incident highlights the security risks associated with Ethereum transactions. It underscores the need for users to thoroughly verify wallet addresses before initiating transfers.
