The article discusses the recent bearish failure of Ethereum to cross the $2,750 resistance zone and its subsequent drop in price. The formation of a lower-high trend and bearish indicators such as the death cross between the 50-day and 200-day EMA and a declining 100-day EMA suggest that Ethereum may drop further to test the $2,400 support level. However, there is some hope for reversal as institutional demand for Ethereum grows, with U.S. spot Ethereum ETFs seeing a significant inflow of ETH tokens. Furthermore, a large amount of Ethereum has moved away from exchanges, indicating potential bullish momentum. Fibonacci price action analysis suggests the next resistance level for Ethereum could be around the $3,000 mark.



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