Ethereum Gas Median Price Hits 3-Year Low, ETH Price Trend Coming?
The world’s second-largest cryptocurrency, ETH, has recently faced selling pressure and is trading below $3,200.
Over the weekend, ETH price surged above $3,300 but failed to continue its surge above the key resistance of $3,400.
ETH has fallen sharply below a key bullish trendline support at $3,250. Currently, ETH is trading below both $3,220 and the 100 hourly simple moving average. Nonetheless, near the $3,165 support and the 61.8% retracement level of the uptrend from the $3,070 swing low to $3,355 high,
If Ethereum fails to break above the $3,210 resistance, a further downside move is likely. An initial downside support is expected near $3,180, followed by a more significant support area near $3,165.
The main support level is around $3,070. A decisive break below this key support level could lead to further losses until $2,880. On the other hand, the chances of the spot ETH ETF being approved seem to be decreasing as the SEC shows interest in discussing the investment product. #美联储 #ETH #BTC
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