Ethereum’s price drops below $3,000, facing bearish signs and key technical indicators indicate uncertainty in future prospects. Market analysis by Aayush Jindal points to resistance and support levels that could impact Ethereum’s recovery potential.
Ethereum Dips Below $3,000: Future Prospects Unclear
Ethereum has experienced a significant drop, falling below the $3,000 support level and reaching lows near $2,850. The cryptocurrency is currently trading under $3,000 and is showing bearish signs on the hourly chart, including a key bearish trend line at the $3,000 resistance level.
Key Details:
- When: Recently, Ethereum saw an 8% decline from its previous support levels.
- Where: The ETH/USD market on Kraken.
- What: Ethereum price faced a decline from highs of around $3,425, testing the $2,850 support level.
- Who: Market analysis by Aayush Jindal.
Technical Indicators:
- MACD: Shows Ethereum in the bearish zone.
- RSI: Below the 50 mark.
Resistance and Support Levels:
- Resistance: Initial resistance is at $2,960, with major hurdles at $3,000 and $3,120.
- Support: Immediate support sits at $2,850, with major support at $2,800. Further declines could push prices toward $2,720 or even $2,650.
The market is watching closely to see if Ethereum can break above its immediate resistance levels to signal a potential recovery. However, persistent bearish pressure could result in further losses.
