CandleFocus Ethereum Risks Breakdown to $3,378 as Bears Threaten $3,800 Support
2024-12-18
Author: Content Editor
The price of Ethereum has dropped below $3,900, indicating a bearish sentiment and the potential for a significant correction. The price is approaching a support trendline, and a break below this level could lead to increased selling pressure and a potential crash for Ethereum. Despite the bearish trend, institutional support for Ethereum remains strong, as evidenced by a daily net inflow of $144.7 million into the U.S. spot Ethereum ETF, with BlackRock and Fidelity being notable purchasers. A breakdown of key support levels could lead to an extended correction, while a bullish rebound may challenge the 50% Fibonacci level and target a breakout to $4,598 or a market capitalization of $1.5 trillion for Ethereum.
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