Ethereum price plunges, heading towards $3,000 mark

Ethereum price plunges, heading towards $3,000 mark?

The price of Ethereum has accelerated its expected downward trend in recent days, falling below $3,100.

So how did Ethereum fall? In fact, starting from $3,350, the price of Ethereum began to be a bit unstable, like a small boat rocking in the wind and waves. Moreover, it also fell below the 100 hour simple moving average, which is a very important reference line!

Just like we saw with Bitcoin before, the price of Ethereum has been hovering below $3,550 and $3,500, like being trapped in a small room and unable to get out. To make matters worse, it also fell below the $3,350 support, as if the floor suddenly caved in, sending it falling into a deeper hole.

Finally, the price of Ethereum even fell below the important mark of $3,100, reaching the lowest point of $3,056. Although the price is now slowly recovering, the downward trend is still obvious from the Fibonacci retracement levels.

So is Ethereum going up or down now? Judging from the current resistance and support levels, it is not so easy for Ethereum to rise. Although there is an immediate resistance level at $3,280, it is quite challenging to break through the important level of $3,350. Not to mention there is a $3,420 level waiting for it to challenge. Moreover, there is a large downward trend line on the hourly chart, which is like a high wall, blocking its upward path.

So, things are not looking good for Ethereum right now, and the bears are firmly in control. The support level of $3,000 is like an important fortress. Whether Ethereum can hold on to this fortress depends on its performance.

Of course, we cannot be too pessimistic. If Ethereum can successfully break through the $3,550 resistance, then it may regain its upward momentum and may even go all the way to $3,800 or even test the $4,000 mark.

However, if it fails to break the $3,420 resistance, the downward trend may continue. At that time, we will have to pay close attention to the key support levels of $3,050 and $3,000.

In short, Ethereum is now at a critical moment. If you don’t have a direction yet, you can check out Heijie’s top homepage.

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