The recent price decline of Ethereum is attributed to several factors, including reactions to monetary policy changes and the overall state of the cryptocurrency market.
Analysis of Ethereum's Drop
Ethereum mirrored Bitcoin's drop, sliding from the $3,800-$3,900 range after failing to show new momentum. The unchanged stance of the Fed disappointed investors, leading to a loss of over 4.6% in 24 hours.
Technical Analysis of ETH Price Chart
The ETH/USD chart indicates that the asset broke below both the 9 and 21 EMA, signaling trend weakness. The current support level is at $3,530. RSI at 29.50 suggests short-term exhaustion.
Forecast and Support Levels for ETH
If the $3,500 level fails, the next support could be near $3,200, a previous accumulation zone. Bulls need a strong push back toward $3,739-$3,800 to recover the uptrend.
The current situation in the Ethereum market raises concern among investors, and the asset's future movements will depend on overall market sentiment and Bitcoin's behavior.
