Crypto Mr.Malang

2024/12/21 07:49

Ethereum (ETH) has fallen below the $3,500 level a

Ethereum (ETH) has fallen below the $3,500 level and continues to fall due to panic selling by short-term holders. However, long-term holders remain inactive and the decline in exchange reserves may indicate that the decline is temporary. Still, the decline is significant and ETH could fall to the psychological $3,000 level and give up most of its post-election gains.

ETH rebounded strongly on Wednesday after plummeting to a low of $3,521 the day before, rising nearly 6% to break above the 20-day EMA and close at $3,834. On Thursday, buyers attempted to break above $4,000 as ETH reached an intraday high of $3,988. However, it could not hold at this level and fell to $3,882, ultimately gaining 1.26%. On Friday, buyers remained in control and ETH rose slightly, breaking above $3,900 and closing at $3,907. However, on Saturday, ETH retreated, falling nearly 1% to $3,869.

 

On Sunday, buyers returned to the market and ETH rose 2.25% to break $3,900 and close at $3,956. ETH faced considerable volatility on Monday as buyers and sellers struggled to establish control. Buyers eventually prevailed and ETH rose slightly to close at $3,985, still unable to break the $4,000 mark. On Tuesday, the market sentiment changed and ETH fell more than 2% to $3,892. On Wednesday, the bearish sentiment intensified and ETH fell below the 20-day moving average after falling nearly 7% to close at $3,625. On Thursday, buyers attempted to rebound and ETH rose to an intraday high of $3,763. However, after reaching this level, they lost momentum and allowed sellers to take the lead. As a result, ETH plunged nearly 6% and fell below the $3,500 level to stabilize at $3,416. In the current trading session, ETH is slightly down as sellers continue to push prices lower.

 If the bulls fail to step in and arrest the decline, ETH could drop to $3,000. On the other hand, if ETH can rebound from current levels, it could revisit the $3,500 level.

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