Ethereum Price: Recovery on the Horizon or More Pain Ahead?

05-Jul-2024 By: Lokesh Gupta
Ethereum Price: Recovery on the Horizon or More Pain Ahead?

Ethereum follows Bitcoin's footsteps and trading in the red

  • After failing to reclaim the $3,500 level, the market experienced a bearish rejection, leading to further declines.

  • The overpowered bears began the bloodbath with the evening star formation for a range breakdown retest at $3,460.

  • #Ethereum price remained in a bearish zone below the $3,250 level. ETH dived below the $3,000 support, hovering around the $2,850 zone.

  • With a 16% drop in 4 days, $ETH price broke under the long-coming support trendline.

  • As the Ethereum price action formed a triple black crow pattern in the daily chart, the chances of further downfall increased significantly.

  • Recently, #Ethereum fell to its lowest price in 138 days, dropping below $2,816.

  • Concerns are rising as $ETH price falls below its 200-day average, with fears that it may lose support at $2,800.

  • According to Coingabbar Prediction, If buyers can maintain the $2,800 level, ETH could see a rebound toward $3,000 and potentially $3,300.

  • However, if panic selling ensues below $2,800, ETH might test $2,650 and potentially $2,400 levels.

KEY LEVELS :

RESISTANCE LEVEL : $3,000-$3,130

SUPPORT LEVEL : $2,850-$2,780

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

WHAT'S YOUR OPINION?
Related News
Related Blogs