Ethereum experienced an increase in selling activity, breaking below the critical 100-day moving average, leading to a significant decline. However, the price is facing an important support zone, which could lead to a period of consolidation in the medium term. 📉🧐
According to technical analysis, Ethereum is currently in the critical and decisive 3K$ support zone and is expected to undergo a period of consolidation before launching its next major move. If there is a pullback to the 200-day MA, a continuation of the bear trend will become more likely. 🐻💰
Ethereum saw an increase in selling activity, leading to a significant decline towards the critical 3K$ support zone. Understanding the key factors behind this rejection is critical to predicting future price movements.
If the price breaks below the 3K$ support zone, a major long squeeze is expected. This will trigger sell-stop orders and accelerate bear momentum. Traders should closely monitor price movements around the 3K$ support zone in the coming days to determine the trend direction of the cryptocurrency. 📊💹
What do you think the future movement of Ethereum will be? We are waiting your comments! 👇😉