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Ethereum witnessed a sharp decrease yesterday as the wider cryptocurrency market fell. ETH prices fell more than 9 % in just a few hours, shake the investor confidence and increase concerns about a possible deeper correction. The sudden recession sparked fear throughout the American markets, adding to the uncertainty that swept the encryption space on Monday morning.
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Carl Runefelt, Crypto analyst, shared an artistic analysis on X, where unstable ETHEREUM mode shed light. According to Runefelt, ETHEREUM may test the support level of $ 2800 if the market continues its declining course today. This main level can be a critical turn for the ETH, because losing it may lead to a further decrease and increase the pressure pressure.
Market morale has achieved great success, as many investors used to increase fluctuations in the coming days. Analysts closely monitor macroeconomic indicators and broader market movements to measure the potential impact on ETHEREM prices. Since ETH is hovering around the axial support areas, the next 24 to 48 hours will be decisive in determining whether the cryptocurrency can regain momentum or face a deeper correction. Investors are urged to walk with caution as the market moves at this volatile stage.
Ethereum faces intense selling pressure
Ethereum has been under great sale of sale since late December, reflecting the growing volatility that attracted the broader cryptocurrency market. Analysts and investors are increasingly decline, as feelings indicate that ETH may continue to decline in the coming days. This difficult stage raised concerns about the prospects of assets close to assets, leaving many market participants on the edge of the abyss.
The highest encryption analyst Karl Ronville Share his technical analysis on xShedding light on the level of decisive support for ETHEREUM. Runefelt predicts that ETH may reach the support level of $ 2800 if the current market continues to decrease. This main level can be a strong basis for potential recovery or more indicating if broken.
Despite a declining feeling, some investors and merchants believe that this potential decrease is an opportunity. ETHEREUM is still one of the most prominent cryptocurrencies, and many believe that it is still ready to make great gains in this course. It can provide correction to $ 2,800 an attractive entry point for those who are confident in the basics of ETHEREUM in the long run and growth potential.
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As the market continues to move in this unfinished period, all eyes are on ETHEREUM prices. Whether it carries cash support or submitting to additional sale, it will play an important role in shaping its course in the coming weeks.
The price exceeds decisive support
ETHEREUM (ETH) is currently trading at $ 3,050, and maintains a slightly higher location than the 200 -day moving average, which is $ 2,988. The 200 -day moving average is widely as a long -term indicator of force, and keeping above this level can indicate a possible reflection of the continuous declining effects.
The market is closely monitoring to see if Ethereum can maintain this decisive support, as it can represent the beginning of the recovery phase. Analysts highlight that staying above the moving average for 200 days is necessary to build upsmale momentum and restore investor confidence in the short term.
However, obtaining support is only the first step. To confirm the reflection of the trend and create stronger ups, Ethereum must restore the resistance level of $ 3300. This will indicate that buyers have regained control, and may pave the way for further upward trend.
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On the other hand, the loss of 2988 dollar level can lead to an increase in the pressure pressure, with the possibility of the ETH test to low support levels. While the market moves at this pivotal moment, the coming days will be it is very important in determining whether Ethereum can maintain its current levels and make the push towards a higher ground restoring. Currently, merchants and investors are still optimistic.
Distinctive image from Dall-E, the tradingView graph
The post Ethereum Poised To Test $2,800 Support Level If Market Downtrend Persists – Analyst first appeared on Investorempires.com.