Ethereum Price Prediction: Is Market Headed for More Pain?

Ethereum Price Dips Ahead of Spot ETF Launch Anticipation

• #Ethereum ($ETH) failed to break above the $3,520 resistance level and started a new downtrend.

• Following #Bitcoin's lead, ETH saw a correction of around 5.30%.

• After holding above $3,200 for over 45 days, ETH dropped below this crucial support.

• On July 1st, $ETH broke below a key channel, leading to a nearly 10% decline over the past three days.

• ETH's decline from channel top to bottom occurred swiftly in just two days on the daily chart.

• The daily chart shows ETH breaking below its long-term upward trendline.

• Currently, ETH is trading below the 20-day, 50-day, and 100-day Moving Averages, struggling to stay above the 200-day MA.

• According to Coingabbar Prediction, If ETH closes below the 200-day MA and remains below the trendline, the next support levels are at $3,050 and $2,850.

• To regain a bullish outlook, ETH needs to hold above the 200-day MA and reclaim the $3,300-$3,500 levels.

KEY LEVELS :

RESISTANCE LEVEL : $3,280-$3,350

SUPPORT LEVEL : $3,070-$2,920

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