Ethereum ETF's Decline: Echoes of Bitcoin's Historic Slump?

Grayscale dumps $811 million post Ethereum ETF launch event

• Ethereum's recent price drop mirrors a sell-the-news reaction, much like the #Bitcoin ETF launch in January.

• Despite a neutral trend over the past week, #Ethereum (ETH) has struggled to break above the critical resistance zone of $3,500.

• Since February, $ETH has been trading within a triangular pattern on the daily chart.

• Following a significant sell-off, #Ethereum is currently consolidating within a trading zone.

• $ETH is trading below its 20-day, 50-day, 100-day, and 200-day moving averages on the daily chart.

• According to Coingabbar Prediction, ETH could potentially rebound to $3,350 and even $3,600 if it holds the $3,120 support level.

• Conversely, if panic selling occurs below $3,120, ETH might test $3,000 and possibly decline further to $2,850.

KEY LEVELS :

RESISTANCE LEVEL : $3,220-$3,300

SUPPORT LEVEL : $3,120-$3,050

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