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Ethereum’s bulls are bleeding. Critical support shattered. The price plummets through vital zones, flashing red alerts of a potential avalanche. Is this the icy start of a long crypto winter?
Summary
- ETH now sits inside a lower trading range with weakened momentum
- Any bounce is likely to form a lower high within the downtrend
- Market structure suggests further downside toward the $2,100 support zone
Ethereum’s throne is wobbling. The once-mighty ETH is bleeding, crashing through critical support like a rogue wave demolishing sandcastles. $3,500? History. Now, every rally hits a brick wall, those old support lines morphing into unforgiving resistance. Whispers of a bear market, previously dismissed, are now roaring in the wind. Has the Ethereum empire begun its long winter?
Ethereum price key technical points
- Ethereum has broken below major high-time-frame support and now trades under $3,500
- The $3,500 level has flipped into resistance alongside the 200-day moving average
- Downside targets include $2,600 for a bounce and $2,100 as the larger range low
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ETHUSDT (1D) Chart, Source: TradingView
Ethereum’s fall through the $3,500 barrier isn’t just a dip – it’s a seismic shift. What was once bedrock support has morphed into an unyielding ceiling. Adding insult to injury, the 200-day moving average has joined the resistance party, solidifying the bear’s grip. ETH is now undeniably adrift, sailing beneath critical trend signposts.
Ethereum’s price is in freefall after shattering a key support level, hurtling towards the $2,600 mark. This zone, a historical battleground for bulls and bears, could trigger a temporary oversold bounce. Don’t be fooled, though. Any such rally will likely be short-lived, a mere blip in Ethereum’s descent, forming a lower high within a larger, more ominous bearish pattern. The charts paint a clear picture: a relentless series of lower lows and lower highs, signaling a sustained and powerful downward trend.
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A brief respite above $2,600 might tease bulls, but don’t be fooled: technical indicators still scream “downward.” Forget fleeting rallies, the real target lurks far below – a chilling descent to $2,100. Ethereum has plunged into a new, darker trading realm. Acceptance here signals one thing: a gravitational pull towards the abyss. Think of it as a pinball, relentlessly drawn to the bottom of the machine. ETH is simply following the market’s cruelest law: what goes up, must crash down… eventually.
“$2,100 looms as a critical battleground. A fall to this level isn’t just another dip; it’s a potential re-engagement with a long-term support zone. Think of it as the market testing its foundations. Failed breakouts above previous support levels hint at a deeper correction taking shape. Expect short-term bounces – the market’s equivalent of catching its breath – but these are likely temporary respites, not a signal of a sustained turnaround.”
What to expect in the coming price action
Ethereum’s clinging to life. A brief rally to $2,600 might offer false hope, merely paving the way for a steeper fall. Until Ethereum decisively conquers $3,500, brace for impact around $2,100. Only a surge past resistance can avert this bearish destiny.
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