Ethereum (ETH) Bulls Battle to Sustain $3K Price Point: An In-depth Analysis
1y ago
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- Ethereum’s price struggles to break below the critical $3K support region, indicating a possible accumulation stage.
- The daily and 4-hour charts reveal a bearish trajectory and a descending wedge pattern, respectively.
- A sudden breach below the $3K level could trigger a cascade effect towards the $2.5K threshold.
Explore the recent challenges faced by Ethereum’s price in breaking below the $3K support region and the potential implications for future price movements.
Ethereum’s Bearish Trajectory on the Daily Chart
Upon examining the daily chart, Ethereum’s trajectory has turned bearish following a notable rejection near the $4K mark. This has fostered a bearish sentiment among market participants. However, the decline found a temporary recess upon reaching a substantial support region, encompassing the crucial $3K mark and the price range between the 0.5 ($3133) and 0.618 ($2906) Fibonacci levels. This support area aligns closely with the critical 100-day moving average, indicating significant demand near this crucial threshold.