Ethereum Faces Key Support Test Amidst Downtrend
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Ethereum (ETH) is currently under selling pressure, trading near critical support levels around $3,120. Recent price action shows ETH forming a descending trendline, pushing it towards a support zone that may determine its next move. If ETH fails to hold this level, we could see a continued drop, with potential targets near $3,000 or lower.
Technical indicators suggest a weakening momentum as price struggles to break above resistance, hinting that sellers may still be in control. Traders are watching closely; a clear break below support could lead to further downside, while a bounce may provide a temporary relief rally.
This level will be crucial in shaping ETH’s short-term outlook, as breaking through the support could confirm the bearish trend.
Technical indicators suggest a weakening momentum as price struggles to break above resistance, hinting that sellers may still be in control. Traders are watching closely; a clear break below support could lead to further downside, while a bounce may provide a temporary relief rally.
This level will be crucial in shaping ETH’s short-term outlook, as breaking through the support could confirm the bearish trend.
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