"Ethereum (ETH) Expected to Fall Below $3,000"
A technical analysis on Ethereum suggests that the price of ETH may drop below $3,000 due to increasing selling pressure. Since November 12, Ethereum has lost nearly 10% of its value, which some analysts view as a potential correction.
AMBCrypto's analysis noted that despite short-term downward pressure, positive net inflows and a rise in active addresses indicate strong investor activity. The analysis predicts that Ethereum will fall below $3,000 before a possible rally.
Ethereum had seen an 18.56% rise last month, generating expectations for further gains. However, a surge in selling pressure on November 12 halted its positive momentum. Ethereum has struggled to maintain the $3,100 level recently.
Technical indicators and market sentiment suggest that ETH is in an accumulation phase, with the potential for a long-term uptrend once this phase ends. According to the Fibonacci analysis, the support level is around $3,028. If this support is broken, ETH could decline further to $2,900.
However, if ETH holds above the $3,000 support level, the price could gain momentum and target $3,971. Historical data shows that ETH has often experienced a dip before beginning a strong upward cycle.
