Ethereum failed to break the $4K mark and faced a sharp pullback, raising concerns about sellers dominating the market. 😬 If key support levels fail, a sell-off is possible in the coming days.
The daily chart shows that Ethereum is approaching the previous low of $3.3K. A close below this level could strengthen the bearish trend. However, the support around $3K remains important for buyers.
On the 4-hour chart, Ethereum price broke the support at $3.5K, which led to a pullback. The asset is now approaching the key support at $3K. If it fails, further declines are possible.
Analysis shows that the recent rise in Ethereum was accompanied by an increase in Funding Rates, but after a pullback from $4K, they fell sharply. This indicates a decrease in trader interest. Holding above $3K is critical for the future movement of ETH. 📉