CandleFocus Ethereum Price Analysis: ETH Could Plummet to $3K After Losing These Support Levels
2024-12-27
Author: Content Editor
Summary: Ethereum's price has been facing resistance at the $4,000 level, causing concern among investors that its overall price trajectory may be reversing. The daily chart shows a clear double-top pattern at the resistance level, with the market failing to reclaim the $3,500 level. A drop towards the $3,000 support zone and the 200-day moving average appears likely. However, on the 4-hour timeframe, there is bullish momentum as the market climbs towards the $3,500 level, indicating a potential breakout. On-chain network activity reveals that investors are selling their coins as the price reaches $4,000, contributing to the current halt in Ethereum's bullish run. However, the exchange reserve metric has been dropping during the price correction, suggesting potential accumulation and a potential rally for ETH.
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