Ethereum (ETH) is falling this Tuesday (3), which calls into question the continuation of the upward trend seen in recent weeks.
Despite the low volatility, ETH has accumulated a daily devaluation of 0.7%, according to CoinGecko. Amid this scenario, buyers are struggling to maintain the $3,500 level as support.
But how long will this level be maintained?
Has Ethereum entered a downtrend?
Ethereum began a strong upward movement in early November, rising by around 60% over the month. This movement culminated in a local peak just above US$ 3,750 recorded last Sunday (1). Since then, the price of the cryptocurrency has fallen by 5%.
While the daily chart still indicates an uptrend, the 4-hour chart does not. On this timeframe, the EMAs are crossing downwards, which shows that the asset is trading at increasingly lower prices in the short term.
Furthermore, the Relative Strength Index (RSI) has crossed below the neutral zone of 50. This move shows that sellers have taken control of the market.
Ethereum (ETH) Chart on TradingView
Therefore, everything indicates that Ethereum will continue to fall in the next few hours. In this sense, the last hope for buyers is to maintain the $3,500 level. This price zone acted as support between November 28 and 29, initiating the jump that culminated in the asset's last peak.
If this support breaks, ETH could fall and test the $3,300 level. On the other hand, a new bounce could bring new momentum to the market, generating momentum towards $3,800.
The article Ethereum (ETH) Prediction: When Will the Price Rise Again? appeared first on BeInCrypto.
