Ethereum Faces Key Support Test Amidst Downtrend
Ethereum (ETH) is currently under selling pressure, trading near critical support levels around $3,120. Recent price action shows ETH forming a descending trendline, pushing it towards a support zone that may determine its next move. If ETH fails to hold this level, we could see a continued drop, with potential targets near $3,000 or lower.
Technical indicators suggest a weakening momentum as price struggles to break above resistance, hinting that sellers may still be in control. Traders are watching closely; a clear break below support could lead to further downside, while a bounce may provide a temporary relief rally.
This level will be crucial in shaping ETH’s short-term outlook, as breaking through the support could confirm the bearish trend.
Technical indicators suggest a weakening momentum as price struggles to break above resistance, hinting that sellers may still be in control. Traders are watching closely; a clear break below support could lead to further downside, while a bounce may provide a temporary relief rally.
This level will be crucial in shaping ETH’s short-term outlook, as breaking through the support could confirm the bearish trend.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.