Cryptocurrency market uncertainty has had a significant impact on the value of Ethereum. The recent drop below the critical support level of $2,940 is a cause for concern among investors. In order to assess the future trajectory of ETH, it is important to monitor certain levels.
Ethereum’s decline below the $3,000 mark is indicative of the downward trend it is currently experiencing. The losses in Bitcoin and other cryptocurrencies have also contributed to Ethereum trading below $3,050 and the 100-hour Simple Moving Average. This demonstrates the overall market uncertainty’s influence on Ethereum.
On the ETH/USD pair’s hourly chart, there is a noticeable downward trend below the $2,980 resistance level. This suggests that Ethereum is going through a challenging phase and its price is embroiled in a serious battle to reach desired levels.
The most significant resistance level Ethereum is currently facing is at $3,010. However, the real critical resistance lies at $3,030. Surpassing this level could create positive momentum for Ethereum and drive its price upwards.
If Ethereum fails to overcome the $3,030 resistance, it could enter a downward trend. The first support level on the downside is around $2,965. Further below, the price could retreat to the $2,940 region.
The next support level for Ethereum is set at $2,880. If it falls below this level, a clear downward trend could be observed, potentially pulling Ethereum down to the $2,720 levels. There is even a possibility of reaching the $2,650 levels in the near term.
Technical analyses support these concerns. Ethereum’s MACD indicator is losing momentum in the bearish zone, while the RSI indicator is trending below the 50 level. These indicators paint a bleak picture of Ethereum’s current situation.
In light of these developments, investors should carefully consider their options. The main support level is currently at $2,940. Falling below this level could lead to further price declines. However, investors should also closely monitor the main resistance level of $3,030 to anticipate a potential rise in price.
Disclaimer: This article does not provide investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research.
