According to CryptoPotato, analyst Shayan's analysis shows that Ethereum's price has encountered challenges in breaking through the key $3,000 support area, with selling pressure offsetting demand, causing prices to consolidate sideways. However, if this key point is suddenly broken, it may trigger a cascading effect.

On the daily chart, Ethereum’s trajectory saw a significant rejection near $4,000, triggering bearish sentiment among market participants. Nonetheless, the decline found a temporary respite when the price reached an important area of ​​support, which encompasses the price range between the key $3,000 mark and the Fibonacci levels of 0.5 ($3,133) and 0.618 ($2,906). .

Currently, Ethereum is experiencing a sideways phase with the price hovering around the important $3,000 support area. This suggests that accumulation could be ongoing, which could pave the way for a strong bull recovery in the near term. However, a sudden breakout above this critical support zone could trigger a cascade effect with the next target at the $2,500 region and the 200-day moving average at $2,600.