Ethereum (ETH) is currently going through a major drop and is getting close to the important support level of $3,051. The price drop shows that there is a lot of pressure to sell and a general gloomy mood in the market.
As ETH gets closer to this important level, people in the market are closely watching its movements to see if they show signs of stabilization or further fall. The $3,051 support level is now a center of attention, guiding the short-term path of Ethereum’s price and possibly affecting major changes in the cryptocurrency world as a whole.
ETH is selling around $3,181 right now, which is a 5.05% drop. Its market value is more than $382 billion, and as of the most recent figures, it was worth more than $18 billion in trades. Because of a significant increase in trade volume of 74.43% in the last 24 hours, ETH’s market capitalization has dropped by 5.25%.
Ethereum Trades Below 100-Day SMA
The 4-hour chart shows that Ethereum is currently negative, as it has been trading below the 100-day Simple Moving Average (SMA) since dropping below $3,360. The price of the cryptocurrency is now moving toward the important $3,051 support mark.
The 4-hour Composite Trend Oscillator shows that the trend is still going down, as both the signal line and the short-term moving average (SMA) of the indicator have dropped below 50% and are getting close to oversold levels.
ETH has dropped sharply below the 100-day simple moving average (SMA). It is now trying the upward trend line as it moves toward the $3,051 support level. Both the signal and the simple moving average (SMA) of the composite trend oscillator on this timeframe are strongly trending down, which supports a bearish view.
In the future, if the $3,051 support level is broken, prices could fall even more, trying support at $2,865 and possibly going as low as $2,160 or even lower.
On the other hand, if prices rise from the $3,051 support level, they are likely to start going up towards the $3,360 resistance level. If ETH breaks above this level, it could go up to the $3,659 barrier level, and it might go up even more after that.
The goal of this study is to give traders and investors a better understanding of how the Ethereum market is doing right now, with a focus on how the $3,051 support level will affect future price changes and strategies for managing risk in the volatile cryptocurrency world.
