Ethereum's recent price movements have raised concerns among investors as it struggles to maintain its position above the critical $3,350 mark. The cryptocurrency has experienced a notable decline, and the source reports that this has prompted discussions about its potential future trajectory.
Ethereum Price Analysis
After dipping below $3,250, Ethereum reached a low of $3,153, indicating a significant downturn. Although the price is currently undergoing a correction, it remains below the 100-hour Simple Moving Average, suggesting that bearish sentiment may still prevail in the short term.
Key Resistance and Support Levels
Key resistance levels have been established at:
- $3,350
- $3,500
which will be crucial for Ethereum's recovery. On the other hand, initial support is found near:
- $3,200
- $3,150
Analysts warn that if Ethereum fails to break through the $3,350 resistance, it could face further declines, potentially testing the $3,000 level in the near future.
Bitcoin recently faced significant resistance at the $102,200 mark, raising concerns about its recovery potential. For more details on this critical situation, see further analysis.
