Ethereum’s (ETH) failure to break the all-time high at $4,380 quickly pushed the price back to the support range. Despite the correction, it seems ETH can drop much lower if the short-term bearish momentum continues.
Key Support level: $4,000 , $3,500
Key Resistance level: $4,380
Ethereum is currently testing the critical support level at around $4,000. If the level fails to hold, ETH can drop to the next support level found around $3,500.
On Thursday, Ethereum found strong rejection following a failed attempt to break the ATH level set in May. The failure to break caused an immediate plunge to the downside. This resulted in a red candle’s wick, which is bearish.
Another concern for the bulls is the option of a double-top formation. This setting is textbook bearish and takes place when the asset is failing to break the same peak twice in a row.
ETH Price Technical Indicators
Trading Volume: The volume of Ethereum has declined since the ETH price got rejected by the ATH resistance
We współpracy z: https://cryptopotato.com/ethereum-price-analysis-eth-struggles-at-critical-support-breakdown-can-lead-to-3500-retest/
