🔥🔥🔥 Ethereum Holds Above $3,000 but Faces Risk of Pullback

Ethereum ($ETH ) Price Analysis: Testing Key Support Levels

- Ethereum (ETH) has recently bounced back above the $3,000 support after reaching a peak of $3,400, resuming its upward trend. However, further upward movement may face resistance, especially around the $3,200 level.

Long-Term Outlook: Bullish

- This week, Ethereum has fluctuated above the $3,000 support but faced rejection near the recent high, as reported by Coinidol.com. If the $3,000 support is broken, ETH could fall toward the $2,800 support level or the 21-day simple moving average (SMA). A fall below these support levels could indicate the continuation of the downtrend.

- Currently, Ethereum is trading at $3,100, above its moving average lines, which supports the ongoing bullish trend as long as the price remains above these levels.

Ethereum Indicator Analysis

- On the 4-hour chart, the price bars have dropped below the moving average lines, signaling potential downside pressure. Despite this, ETH remains above the moving averages on longer time frames, suggesting that the overall trend remains bullish. However, a further drop could push the price to the $2,680.72 level, which aligns with the 2.618 Fibonacci extension.

Technical Indicators

- Resistance Levels: $4,000, $4,500

- Support Levels: $3,500, $3,000

With the price below the moving averages on the 4-hour chart, Ethereum risks a further decline. Buyers will need to push the price back above these key levels to prevent further downside movement.

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