Ethereum News Update: Is the $3,150 Level Ethereum's Final Defense Against a Steeper Drop?
- Ethereum's price dropped 10% to $3,150, testing critical support as market participants assess rebound potential amid mixed institutional and retail demand. - A breakdown below $3,590 triggered accelerated selling, with 138% above-average volume indicating institutional participation in the selloff. - Broader crypto market declines saw Bitcoin fall to $97,000 and $260M in ETH ETF outflows, signaling waning institutional confidence. - Technical indicators show Ethereum failing the 200-day EMA and RSI in d
Ethereum experienced a 10% drop in its price during recent sessions, challenging key support zones as traders assess the chances of a recovery. The cryptocurrency, which has shown significant volatility due to inconsistent interest from both institutions and individual investors, is now hovering around $3,150—a level that market experts believe could provide temporary support. Nevertheless,
The downward momentum intensified after
Technical analysis suggests a cautious bearish outlook. Ethereum has repeatedly failed to surpass its 200-day Exponential Moving Average (EMA), a key resistance for any sustained upward move. The Relative Strength Index (RSI) continues to trend downward, and the Stochastic Oscillator is approaching oversold levels, indicating a possible short-term bounce but not a reversal of the prevailing downtrend.
Despite these immediate hurdles, some market analysts believe that Ethereum’s historical support at $3,150 could help steady prices. “This level has previously attracted buyers,” a crypto strategist commented, though he warned that
Overall, the market remains delicate, with subdued demand from both institutions and retail investors adding to downward pressure.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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