Following a peak at $4,100, #Ethereum's price has initiated a downward trend, reversing its previous bullish phase that began at $2,100. As of Wednesday, March 20, Ethereum managed to reclaim $3,050. Notably, this decline coincided with the Dencun update. It remains uncertain whether the cryptocurrency's price has fully absorbed this news. However, Ethereum's downturn can be partly attributed to Bitcoin's fall. Key support levels at $3,700, $3,500, and $3,200 proved insufficient. Nevertheless, Ethereum found support around the Fibonacci 50% level, originating from $2,100, suggesting potential buying pressure at this level.

Presently, Ethereum hovers slightly above its 50-day moving average, maintaining a bullish structure. However, a breach below this threshold could challenge this outlook. The bullish momentum of Ethereum has been adjusted downward, reflecting the trend observed in oscillators and Ethereum's price itself.

The technical analysis was conducted with the collaboration of Elie FT, an experienced investor and trader in the cryptocurrency markets, who is currently a trainer at Family Trading. Family Trading is a community of self-funded traders established in 2017, offering live sessions, educational resources, and support in financial markets within a professional and supportive environment.

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