Ethereum Poised To Test $2,800 Support Level If Market Downtrend Persists – Analyst
Yesterday, as the wider cryptocurrency market fell, Ethereum experienced a sharp decline. ETH’s price fell more than 9 % in just a few hours, shocking investors’ confidence and aroused people’s concerns about potential more correction. Sudden recession suddenly triggered the fear of the entire US market, which exacerbated the uncertainty of the cryptocurrency space this morning.
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Top -level encrypted analyst Carl Ununefelt shared a technical analysis on X to clarify the unstable position of Ethereum. According to the girl, if the market continues to decline, Ethereum may test the support level of $ 2,800. This critical level may be the critical moment of ETH, because losing it may cause further decline and increase sales pressure.
Market emotions have been hitMany investors have increased volatility in the next few days. Analysts are closely monitoring macroeconomic indicators and a wider market movement to measure the potential impact of the price action of Ethereum. As ETH hovers around the key support area, the next 24 to 48 hours is essential for determining whether cryptocurrencies can restore momentum or face deeper correction. Investors are urged to do cautiously because the market navigate during this fluctuation stage.
Ethereum is facing huge sales pressure
Since late December, Ethereum has been under tremendous sales pressure, which reflects the widespread fluctuations in the more extensive cryptocurrency market. Analysts and investors are increasingly declining, which indicates that ETH may continue to decline in the next few days. This challenging stage has aroused concerns about the recent prospects of assets, causing many market participants to be in a marginal state.
Top -level encrypted analyst Karl Lunovtet Share his technical analysis on XEmphasize the key support level of Ethereum. Runefelt predicts that if the downturn in the current market continues to exist, ETH may reach a support level of $ 2,800. This key level may be a solid foundation for potential recovery, or if it breaks, it may be a further weakness.
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Despite the mood of loser, some investors and merchants regard this potential decline as an opportunity. Ethereum is still one of the most prominent cryptocurrencies, and many people think it is still expected to bring considerable benefits to this cycle. The correction of $ 2,800 can provide a attractive entry point for those who are confident in the long -term basic principles and growth potential of Ethereum.
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As the market continues to navigate this uncertainty, everyone pays attention to the price action of Ethereum. Whether in key support or yielding additional sales pressure, it will play a vital role in shaping its trajectory in the next few weeks.
The price is higher than the key support
The current transaction price of Ethereum (ETH) is $ 3,050, and the maintenance position is higher than 200 days of mobile average, $ 2,988. The 200 -day mobile average is widely considered long -term indicators of strength, and maintaining higher than this level may indicate the potential reversal of the undergoing downward trend.
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The market is paying close attention to see if Ethereum can maintain such key support because it can marked the beginning of the recovery stage. Analysts emphasize that maintaining a moving average of more than 200 days is critical to establishing a bullish momentum and restoring investors’ confidence in short -term.
However, maintaining support is only the first step. In order to confirm the reversal of the trend and establish a stronger bullish prospect, Ethereum must recover the resistance level of $ 3,300. This shows that buyers have re -controlled control and may pave the way for further rising space.
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On the other hand, losing a level of $ 2,988 may lead to increased sales pressure, and may lead to lower support levels of ETH testing. When the market navigate at this critical moment, it is essential for determining whether Ethereum can maintain its current level and promote higher ground. At present, traders and investors are still cautious and optimistic.
Featured images from Dall-E, chart of tradingView