• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
Ethereum Tests Critical Support Level Amid Market Volatility

Ethereum Tests Critical Support Level Amid Market Volatility

user avatar

by Tenzin Dorje

an hour ago


Ethereum is currently at a pivotal point in its price action, as it hovers just above the $3,000 mark. This level has historically served as a significant demand area, making it crucial for the asset's short-term outlook. The source reports that many investors are closely monitoring this threshold for potential market movements.

Ethereum Faces Selling Pressure

The weekly chart for Ethereum (ETH) indicates that the cryptocurrency has faced considerable selling pressure, retreating from the $4,500 range. As it now retests its long-term moving averages, the market is showing signs of increased volatility. The recent candle formations, characterized by long wicks, suggest that buyers are actively responding to the price hovering around the $3,000 threshold.

Support Levels and Potential Recovery

For ETH to demonstrate renewed strength, it must maintain this support level and aim to reclaim the $3,300 to $3,500 range. A successful recovery could signal a bullish trend ahead. Conversely, a weekly close below the $3,000 mark could lead to a deeper correction, with potential targets around:

  • $2,700

Investor Concerns

This raises concerns among investors about the asset's stability.

As Ethereum navigates critical price levels, Dogecoin is set to make headlines with the upcoming launch of its first Spot ETF. This development could significantly impact the cryptocurrency landscape; read more.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Pico Achieves 32X Performance Boost for Historical Blockchain Data Applications

chest

Pico, the newly launched zero-knowledge virtual machine by Brevis, has achieved a remarkable 32X performance boost for applications utilizing historical blockchain data.

user avatarJesper Sørensen

Hyperliquid Faces Token Unlock Pressure Ahead of Core Contributor Release

chest

Hyperliquid is preparing for a significant token unlock on November 29, 2023, when approximately 992 million HYPE tokens will be released to core contributors, potentially exerting bearish pressure on prices.

user avatarRajesh Kumar

Ethereum Price Encounters Resistance Following Recent Drop.

chest

Ethereum's price has struggled to maintain levels above $3,000, testing a low of $2,870 before attempting a recovery. The price is currently facing resistance near $3,100, and if it fails to break this level, it may continue to decline towards lower support levels.

user avatarLucas Weissmann

Vitalik Buterin Warns of Institutional Threats to Ethereum Values

chest

Ethereum founder Vitalik Buterin raises concerns about institutional investors compromising Ethereum's core values.

user avatarFilippo Romano

Massive Token Transfer Raises Concerns for Solana

chest

A significant transfer of 201 million SOL tokens has triggered market anxiety and speculation about a potential selloff.

user avatarEmily Carter

US Nonfarm Payroll Data Release Delayed Amid Government Shutdown

chest

The release of the US nonfarm payroll data for September has been delayed until November 20, 2025, due to a government shutdown, raising market anticipation.

user avatarTomas Novak

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.