Ethereum Dips Below $3,000, Bearish Trend Predicts Further Decline
The Essentials at a Glance
Ethereum (ETH), one of the leading cryptocurrencies, is showing a bearish trend on the daily chart after the price fell below the $3,000 mark. Given recent developments and technical analyses, a further decline below $2,800 could be imminent, with $2,500 standing as the next bearish target. This post examines the current market conditions and provides a well-founded price prediction for Ethereum.
Ethereum’s Current Market Situation
Since falling below the critical $3,000 threshold six weeks ago, Ethereum has shown a clear bearish market structure. The increasing selling momentum is reflected in the On-Balance Volume (OBV), which has fallen below a significant level. In addition, reports of potential rejections of spot Ethereum Exchange-Traded Funds (ETFs) in the US are weighing on market sentiment and could lead to further price declines.
Technical Analysis and Price Prediction
The technical analysis, based on Fibonacci retracement levels, suggests that a drop below $2,800 is likely. Should this occur, the 50% and 61.8% extension levels could be tested. Although it remains unclear whether Ethereum will experience a V-reversal or consolidate at these levels, the short-term price movement is downward.
Short-term Recovery and its Limits
After a short-term recovery from $2,870 to $2,990 to shake out late short sellers, current liquidity levels suggest there is still room for further price declines. The short-term price target for Ethereum is in the $2,840 range, indicating continued bearish momentum.
Our Assessment
Given the current technical indicators and market conditions, a further decline in the Ethereum price below the $2,800 mark seems likely. Investors and traders should prepare for possible tests of the $2,500 mark and closely monitor market developments. As always, it is important to conduct your own research and make an informed decision before entering the market.
Sources:
- Akashnath S, AMBCrypto
- Hyblock Data
- TradingView
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