Ethereum Price: Recovery on the Horizon or More Pain Ahead?

Ethereum follows Bitcoin's footsteps and trading in the red

• After failing to reclaim the $3,500 level, the market experienced a bearish rejection, leading to further declines.

• The overpowered bears began the bloodbath with the evening star formation for a range breakdown retest at $3,460.

• #Ethereum price remained in a bearish zone below the $3,250 level. ETH dived below the $3,000 support, hovering around the $2,850 zone.

• With a 16% drop in 4 days, $ETH price broke under the long-coming support trendline.

• As the Ethereum price action formed a triple black crow pattern in the daily chart, the chances of further downfall increased significantly.

• Recently, #Ethereum fell to its lowest price in 138 days, dropping below $2,816.

• Concerns are rising as $ETH price falls below its 200-day average, with fears that it may lose support at $2,800.

• According to Coingabbar Prediction, If buyers can maintain the $2,800 level, ETH could see a rebound toward $3,000 and potentially $3,300.

• However, if panic selling ensues below $2,800, ETH might test $2,650 and potentially $2,400 levels.

KEY LEVELS :

RESISTANCE LEVEL : $3,000-$3,130

SUPPORT LEVEL : $2,850-$2,780

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