Ethereum experiences a pullback as the momentum of its recent rally begins to wane.
Concurrently, Bitcoin undergoes a decline, sliding from $45,000 to levels below $41,000.
In response to these market dynamics, traders are redirecting their attention towards alternative tokens such as Solana and Avalanche.
According to Coingabbar Technical Analysis, Ethereum faces a significant decline, breaking the crucial support level of $2,200.
ETH, is currently in a bearish phase, raising concerns about a potential drop below the key $2,000 mark.
The decline in Ethereum's value is attributed to its inability to sustain momentum around the $2,330 resistance zone.
The price of ETH is once again dipping below the $2,200 support, indicating a bearish trend.
Several bearish signals are evident, suggesting the possibility of further decline below $2,000.
On the 4-hour chart, Ethereum is seeking support around $2,140, with a potential retest of the $2,300-$2,400 level if this support holds.
Failure to hold the support level may lead to a more pronounced decline, with $2,000-$1,900 becoming a plausible target.
KEY LEVELS :
RESISTANCE LEVEL : $2,180-$2,230
SUPPORT LEVEL : $2,090-$2,040
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
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