CandleFocus This Is Why Ethereum (ETH) Risks Falling Below $3,000
2024-11-24
Author: Content Editor
The price of Ethereum (ETH) has decreased by 3% in the past 24 hours, putting it at risk of falling below the critical $3,000 level. An analysis of the ETH/USD one-day chart shows that the coin's moving average convergence divergence (MACD) indicator is forming a potential death cross, indicating a bearish trend. The rising Aroon Down Line also confirms the strengthening bearish pressure. Currently trading at $3,333, ETH is above a support level at $3,203, but a decline below this could result in the price dropping to $2,970 according to the Fibonacci Retracement tool. However, if there is a resurgence in demand for ETH, the bearish thesis could be invalidated and the price could rally to $3,500.
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