Ethereum Price Prediction: Will ETH Price Drop to $3.2K in This Crypto Market Crash?
Ethereum Price Drops Below $3,500
Ethereum (ETH), the second-largest cryptocurrency by market cap, is seeing tough times. Over the past 24 hours, Ethereum's trading volume surged by 74.63%, but its price experienced a 3.56% correction, dropping below the crucial $3,500 mark. This drop indicates a bearish sentiment in the market, suggesting that Ethereum's price might fall even further.
Struggle to Reclaim $3,500
At the start of this week, Ethereum lost over 5% in value within two days. The price is struggling to reclaim the $3,500 mark, signaling negative trends in the crypto space. With the ongoing market correction, people are wondering if Ethereum can recover this week or if its price will drop further to the critical support level of $3,200.
ETH Coin on the Verge of a Breakdown
After closely hovering around the important support level of $3,700 following the Ethereum ETF approval by the SEC, the bulls weren't able to maintain the value above this point. As a result, Ethereum's price has broken down, consistently trading between $3,400 and $3,700.
Ethereum Market Sentiment
Technical indicators show a weak bullish sentiment:
- The Simple Moving Average (SMA) displays a bearish crossover in the daily timeframe.
- The Relative Strength Index (RSI) suggests bearish reversal above the midpoint and is heading toward the oversold range, indicating increased selling pressure.
Will Ethereum's Price Go Up?
If the bulls manage to keep Ethereum's price above the support trendline of the symmetric triangle pattern, the price could test its resistance level of $3,730. Holding the value at this level could allow Ethereum to attempt to reach its upper resistance level of $4,094.75 this month.
How Low Could Ethereum Go?
On the flip side, if the bears overpower the bulls, Ethereum's price might continue to fall, possibly breaking down its support trendline and testing the support level of $3,400 this week. If the bearish sentiment keeps rising and bears dominate the market, Ethereum could drop further, testing the crucial support level of $3,000.
Stay informed about the latest trends and updates in the crypto market to make well-informed decisions.
