Ethereum Price Plummets Moving Away From $3K Critical Resistance
Ethereum price was previously predicted to rise in a measured manner to prevent big price fluctuations to a significant degree. This month’s trading is expected to conclude in negative territory due to tightening resistance and support. The second-largest crypto was caught in a bearish trap when the trend shifted. Despite the flip, the asset’s price is predicted to plummet, and it might go as low as $2500 shortly and is now trading at $2,635.81.
ETH/USDT: Source: TradingView
Ethereum Price Eyeing $2,500 Mark
The price of ETH is showing signs of a significant bearish reversal. If this continues to fall in value by 25%, it might lose even more money. An inch from the top of the growing wedge is where the asset now stands. As a result, a significant correction might occur at any point in the future. Ethereum is also hovering around the critical 200-day moving average (MA) and failing to break beyond it. This might backfire on the ETH price increase by showing a decrease in the momentum.
Even if the ETH price is expected to rise in the next 24 hours to 36 hours, caution is advised. Maintaining above $2600 is necessary to keep moving towards the $3000 top objective. The Ethereum price might go below $2500 and reach the $2200 mark once again because of the bearish momentum As a result, the comeback may not be as robust as purchasers look to be weary in maintaining the upswing. According to CoinMarketCap, the Ethereum price today is $2,638.34 USD with a 24-hour trading volume of $17,734,026,850 USD. Ethereum is down 3.68% in the last 24 hours.