Ethereum maintains an upward trend, staying above an important support zone. However, it has now fallen below $3,350, raising questions about its future trajectory.
The Current Market Situation for Ethereum
Currently, Ethereum is trading below $3,350 after a decline of over 9%. Its range over the past month has fluctuated from a low of $3,103.37 to a high of $4,098.29.
Technical Analysis and Key Levels
A break below $3,540 could signal the end of bullish momentum. In this scenario, prices may correct to support levels between $2,400 and $3,160, with the potential for recovery if these supports hold.
Analysts' Views and Prospects
Analyst Josh from Crypto World noted that Ethereum is forming a potential bullish 'inverse Head and Shoulders' pattern on the weekly chart, which needs confirmation by surpassing the $4,000–$4,100 level with a weekly close.
Ethereum continues to trade within a range, with the trend of higher lows and highs suggesting a possibly more bullish nature in current changes.
