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Cryptocurrency market has been grappling with uncertainties lately, and the value of Ethereum has also been significantly affected by this uncertainty. Especially Ethereum testing the $2,940 critical support level is emerging as a concerning development for investors. So, what levels should be monitored for ETH from this stage onwards.
Ethereum Drops Below $3,000
Ethereum, moving in a downward trend, dropped below the $3,000 level. Losses in Bitcoin and other cryptocurrencies have also affected Ethereum, causing it to trade below $3,050 and the 100-hour Simple Moving Average. This situation shows the pressure of the overall market uncertainty on Ethereum.
In the hourly chart of the ETH/USD pair, there is a significant downward trend below the $2,980 resistance level. This situation indicates that Ethereum is going through a challenging process and its price is in a serious tug-of-war to reach desired levels.
Currently, the biggest resistance Ethereum faces is at the $3,010 level. However, as previously mentioned, the real critical resistance is at the $3,030 level. Surpassing this level could create positive momentum for Ethereum and could move its price upward.
Potential Decline in Ethereum’s Price Could Reach These Levels
If Ethereum cannot surpass the $3,030 resistance, it could enter a downward trend. Currently, the first support level on the downside is around $2,965. However, below this level, the price could retreat to the $2,940 region.
Ethereum’s next support level is set at $2,880. If it falls below this level, a clear downward trend could be observed, and a pullback to the $2,720 levels could occur. Worse still, this movement could potentially pull Ethereum down to the $2,650 levels in the near term.
Technical analyses also seem to confirm these concerns. Ethereum’s MACD indicator is losing momentum in the bearish zone. Similarly, the RSI indicator is also trending below the 50 level. All these indicators show that Ethereum’s current situation is not very bright.
So, what should investors do? Currently, the main support level is set at $2,940. If ETH falls below this level, further declines in price could occur. However, to be prepared against a potential downward trend, investors should also closely monitor the main resistance level of $3,030. Overcoming this level could be a sign that the price might start to rise again.
