Ethereum Price Prediction: End in Sight or Further Decline?

Ethereum's recent decline totals an 18% drop over weeks

• #Ethereum struggled to surpass key resistance levels at $3250 and $3280.

• Initiating a downward trend, it broke the $3200 support level, entering a short-term bearish phase, mirroring Bitcoin's movement.

• Subsequently, $ETH dropped below $3100 and is presently consolidating its losses.

• The recent correction has prolonged the consolidation phase on the weekly chart, constrained between the 50% and 61.80% Fibonacci levels.

• Despite encountering rejection at the 50% Fib level, maintaining a position above $3000 suggests a potential bullish breakout.

• Currently trading below $3100, #Ethereum shows an intraday Doji candle, reflecting indecision in the altcoin market.

• A bullish resurgence could propel Ethereum above the $3280 resistance level, presenting a breakout opportunity with a target of $4000, indicating a potential 25% surge.

• According to Coingabbar Prediction Conversely, while the likelihood of a drop to $3000 is minimal, it remains a point of concern and requires vigilant monitoring.

KEY LEVELS :

RESISTANCE LEVEL : $3,150-$3,200

SUPPORT LEVEL : $3,050-$2,950

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