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Home Ethereum

Ethereum Faces Sharp Decline As ETH Targets $3,051 Support Level

July 4, 2024
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Ethereum Faces Sharp Decline As ETH Targets $3,051 Support Level
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Ethereum (ETH) is experiencing a significant downturn, with its price rapidly approaching the crucial support level of $3,051. This sharp decline highlights increased selling pressure and growing bearish sentiment in the market. 

As Ethereum nears this critical threshold, traders are closely monitoring its behavior for signs of either a stabilization or a further drop. The $3,051 support level is now a focal point, determining the short-term direction of Ethereum’s price action and potentially setting the stage for future movements in the cryptocurrency market. 

This article aims to analyze the sharp decline affecting the digital asset and its impact on the cryptocurrency’s price as it approaches the $3,051 support level. It also seeks to provide traders and investors with a comprehensive understanding of the current situation, potential scenarios if the support level holds or breaks, and strategies for managing risk in this volatile environment.

ETH’s price is currently trading at around $3,181 and down by 5.05% with a market capitalization of over $382 billion and a trading volume of over $18 billion as of the time of writing. In the past 24 hours, there has been a decrease of 5.25% in ETH’s market capitalization and a 74.43% increase in trading volume.

Technical Indicators Pointing To A Decline For Ethereum

A technical analysis of ETH’s price action on the 4-hour chart reveals that the crypto asset is actively bearish and trading below the 100-day Simple Moving Average (SMA). Ethereum has been consistently bearish since after breaching the $3,360 mark and is currently heading toward the $3,051 support level.

Ethereum
Source: ETHUSDT on Tradingview.com

Also, an analytical view of the 4-hour Composite Trend Oscillator shows that the price of ETH may continue its bearishness as both the signal line and the SMA of the indicator have dropped below 50% and are attempting a move into the oversold zone.

See also  Why BNB might be set for a sharp sell-off in October

On the 1-day chart, the crypto asset has made a sharp drop below the 100-day SMA and is attempting a break below the bullish trend line while dropping toward the $3,051 support level.

Ethereum
Source: ETHUSDT on Tradingview.com

Finally, on the 1-day chart, the composite trend oscillator indicates a further bearish move of ETH as the signal and the SMA of the indicator are both trending in the oversold zone.

What If $3,051 Support Fails?

Analyzing potential outcomes if Ethereum breaks through the $3,051 support level reveals that if the digital asset breaks below this level, it may move lower to test the $2,865 support level and probably move on to test the $2,160 support level and other levels below if the price breaches this level.

However, if the price of Ethereum faces rejection at the $3,051 support level, it will begin to ascend toward the $3,360 resistance level. Should the asset breach this level, it may continue to climb to test the $3,659 resistance level and possibly move on to test other higher levels if it breaches the $3,659 level.

Ethereum
ETH trading at $3,165 on the 1D chart | Source: ETHUSDT on Tradingview.com

Featured image from iStock, chart from Traadingview.com

READ ALSO

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Ethereum (ETH) is experiencing a significant downturn, with its price rapidly approaching the crucial support level of $3,051. This sharp decline highlights increased selling pressure and growing bearish sentiment in the market. 

As Ethereum nears this critical threshold, traders are closely monitoring its behavior for signs of either a stabilization or a further drop. The $3,051 support level is now a focal point, determining the short-term direction of Ethereum’s price action and potentially setting the stage for future movements in the cryptocurrency market. 

See also  Ethereum: Active validators bounce back as ETF dust settles

This article aims to analyze the sharp decline affecting the digital asset and its impact on the cryptocurrency’s price as it approaches the $3,051 support level. It also seeks to provide traders and investors with a comprehensive understanding of the current situation, potential scenarios if the support level holds or breaks, and strategies for managing risk in this volatile environment.

ETH’s price is currently trading at around $3,181 and down by 5.05% with a market capitalization of over $382 billion and a trading volume of over $18 billion as of the time of writing. In the past 24 hours, there has been a decrease of 5.25% in ETH’s market capitalization and a 74.43% increase in trading volume.

Technical Indicators Pointing To A Decline For Ethereum

A technical analysis of ETH’s price action on the 4-hour chart reveals that the crypto asset is actively bearish and trading below the 100-day Simple Moving Average (SMA). Ethereum has been consistently bearish since after breaching the $3,360 mark and is currently heading toward the $3,051 support level.

Ethereum
Source: ETHUSDT on Tradingview.com

Also, an analytical view of the 4-hour Composite Trend Oscillator shows that the price of ETH may continue its bearishness as both the signal line and the SMA of the indicator have dropped below 50% and are attempting a move into the oversold zone.

On the 1-day chart, the crypto asset has made a sharp drop below the 100-day SMA and is attempting a break below the bullish trend line while dropping toward the $3,051 support level.

Ethereum
Source: ETHUSDT on Tradingview.com

Finally, on the 1-day chart, the composite trend oscillator indicates a further bearish move of ETH as the signal and the SMA of the indicator are both trending in the oversold zone.

See also  Bitcoin Cracks $39.5k, ETH Back to Pre-FTX levels, DePIN Tokens are Booming...What Could Go Wrong?

What If $3,051 Support Fails?

Analyzing potential outcomes if Ethereum breaks through the $3,051 support level reveals that if the digital asset breaks below this level, it may move lower to test the $2,865 support level and probably move on to test the $2,160 support level and other levels below if the price breaches this level.

However, if the price of Ethereum faces rejection at the $3,051 support level, it will begin to ascend toward the $3,360 resistance level. Should the asset breach this level, it may continue to climb to test the $3,659 resistance level and possibly move on to test other higher levels if it breaches the $3,659 level.

Ethereum
ETH trading at $3,165 on the 1D chart | Source: ETHUSDT on Tradingview.com

Featured image from iStock, chart from Traadingview.com

Tags: DeclineETHEthereumFacesLevelsharpsupportTargets

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Bitcoin miner Canaan rolls out mining rigs as home heaters at CES 2025

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Shiba Inu, Dogecoin left behind: Will PEPE be the new memecoin king?

Shiba Inu, Dogecoin left behind: Will PEPE be the new memecoin king?

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Riot Platforms calls for shareholder meeting to oust Bitfarms’ founder from board

Riot Platforms calls for shareholder meeting to oust Bitfarms’ founder from board

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Bitdeer’s Bitcoin Mining Chip Achieves 9.7 J/TH Efficiency, A3 Mass Production Slated for Late 2025  

Bitdeer’s Bitcoin Mining Chip Achieves 9.7 J/TH Efficiency, A3 Mass Production Slated for Late 2025  

March 13, 2025

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