Ethereum Price Drops Below $3,100 Testing Critical Support Levels

Ethereum (ETH) is showing weakness in the short run but is attempting to recover from major support levels. Future outcomes for ETH will be market and Bitcoin-driven. Analysts are eagerly waiting for any possibility of drops or breaks that may affect the ETH market in the short run.

At the time of writing, ETH is trading at $3,086, with a 24-hour trading volume of $40.86 billion and a market capitalization of $372.13 billion. Over the last 24 hours, ETH has declined by 2.31%, reflecting continued pressure after a period of sideways movement.

Source: CoinMarketCap

Ethereum Eyes Upside After Consolidation

A well-known crypto analyst, GainMuse, highlighted that Ethereum was trying to rally from its long-term support levels. “If ETH continues to move upward, it will test the descending resistance line and target area.” So far, everything is looking good as far as support levels.

Source: X

Ethereum Shows Bearish Daily Close

Meanwhile, another analyst, CRYPTOWZRD writes, “ETH’s daily close was bearish, as expected, and this indicates that a further drop is possible at this stage.” Additionally, this analyst pointed out that a possible drop in Bitcoin Dominance (BTC.D) might cause ETH to perform a little better relative to this index.

Source: X

ETH today follows the general trend of Bitcoin but fails to fill the gap in the CME. Investors are analyzing the lower time frame charts for potential points of entry, with the current trading levels being stable.

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Ethereum Intraday Shows Bearish Pressure

Intraday analyses of the ETH market showed a volatile yet largely bearish market performance during the day. It was observed that a temporary correction from the current position might be about to create yet another chance to fall. The positive side of the market is that sustaining the current position above the $3,250 level will trigger a path to further growth.

Overall, Ethereum still displays a cautious short-term prognosis, but a possible recovery from critical levels may bring opportunities for investors should favorable momentum return.

Also Read | Ethereum (ETH) Eyes $11K–$13K As Weekly Charts Show Bullish Structure