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Ethereum Price Struggles: Is a Dip to $3,392 Imminent Amid Momentum Loss?

The Ethereum price is facing downward pressure and is approaching the $3,600 support level. As Bitcoin also experiences a loss of momentum, there are concerns that Ethereum could drop below $3,600. The price action shows a rising channel pattern, but a bearish outcome is becoming more likely based on indicators such as the MACD. However, there is potential for a bullish recovery as Ethereum ETFs saw significant inflows last week, indicating increased demand for ETH. The immediate support level is $3,570, and if that breaks, the next support level is at $3,392.46. On the other hand, if Ethereum can maintain dominance above $3,600, the next resistance is around $3,740, with the ultimate goal being to reclaim the $4,000 price point.

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