Ethereum Price Returns to Pre-ETF Levels: Will It Fall Below $3,000?
The cryptocurrency market is experiencing a plunge! As Bitcoin price drops, Ethereum price is following suit, approaching key support levels. These popular tokens are facing huge selling pressure, with the global market capitalization falling below $2.18 trillion. Although ETH price had held above $3,300, the recent plunge of more than 5% has sparked speculation that it may fall below $3,000 in the coming days.
ETH price has officially returned to the starting point of the "ETF pump", which shows that traders have begun to "sell the news". Historical chart patterns show that the second-largest coin has been bullish and could trigger a strong rebound. However, sellers have already capitulated to the market, so buyers are not expected to step in and resume new upward momentum until the price finds a bottom.
So, will ETH price fall below $3,000?
After holding for more than 45 days, ETH price has fallen below the key support area between $3,328 and $3,289. These levels previously provided a strong base for the price, and a break below this level led to a drop to nearly $2,900. Therefore, a similar trading setup seems to have formed, which could drag the price below $3,000 if the bulls fail to hold the local support at $3,166. The Ichimoku cloud shows that the bullish trend of the rebound trend has ended and is about to turn bearish.
On the other hand, the +Di and -Di of the DMI have just diverged before the bullish crossover, with beam waves circulating on the platform. ETH price is expected to fall below the major support and reach the previous lows near $2,900. However, the ADX remains neutral after turning down from the highs, which shows that the strength of the rebound has decreased, forcing the price to remain in a downward consolidation without any major movement.
Moreover, ETH/BTC is also maintaining a fairly strong momentum. It could be a good entry point before the launch of the ETF. This move could even strengthen the bullish momentum and pave the way for new highs before the end of 2024.
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