“Ethereum (ETH) will fall below $3,000”

A technical analysis prepared for Ethereum suggested that the ETH price will fall below $3,000 due to potential selling pressure.

The pioneer of altcoins, Ethereum ($ETH ), has lost nearly 10 percent of its value since November 12. The decline in ETH was interpreted as a potential correction.

AMBCrypto made striking comments in its ETH analysis. The analysis stated that #ETH will fall below $3,000 before its rise to its all-time high.

The analysis included the following statements; “Positive net flows and the increase in active addresses reflect strong investor activity despite short-term downward pressure.”

“Ethereum (ETH) is preparing for a decline before the rally”

Ethereum (ETH), which rose by 18.56 percent last month, created expectations that it would create upward momentum. The popular altcoin gained over 30 percent in November, which it started rapidly. The positive trend ended with increasing selling pressure on November 12. The pioneer of altcoins has been trying to hold on to $ 3,100 in recent days.

Market sentiment and technical indicators show that ETH is in the accumulation phase and that a long-term upward cycle may begin with the end of this phase.

According to the Fibonacci indicator created in ETH's graphical analysis, the price touched the support point determined as the correction line. Fibonacci, which is used to determine support and resistance levels, emphasized that $ 3,028 is a potential support point. AMBCrypto stated that the price will continue to decline if the support point is broken.

“If ETH loses the $ 3,028 support, it can quickly retreat to $ 2,900. In fact, ETH seems to need this decline for a potential uptrend. According to historical data, ETH has been seen to fall first in all four uptrend cycles.“

The analysis suggested that if the $3,000 support works, the ETH price will gain momentum and target $3,971.

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