Ethereum (ETH) is trying to recover after the last decline, but reached a critical level of resistance. The price is now stuck at $ 2,610 and if it does not exceed it, a new wave of decrease may begin. So, where will the ETH price go?
Ethereum in the critical resistance zone
Ethereum has shown great recovery in recent weeks and is currently traded for $ 1,912. Although the rise tendency increases the interest of investor, the market still remains unclear.
The resistance zone between 2,248 and $ 2,610 is an area where large investors hold ETH. There are about 65 million ETHs here, and if this level is not exceeded, the price may enter a new downward trend. Since 70 %of ETH owners are damaged, it is likely that sales pressure will increase.
Can ETH reach $ 3,000?
The $ 2,610 level seems to be the biggest obstacle for Ethereum. If the price exceeds this resistance, a rapid increase in $ 2,750 and even $ 3,000 may be experienced. However, in order to achieve this, investor demand and transaction volume must increase.
If Ethereum ETF supports ETF rumors, deflationist mechanism and positive market data, the likelihood of this rise may be increased. However, if the resistance point cannot be broken, the price is likely to return to the consolidation zone again.
Critical Support Levels for Ethereum
Ethereum’s price movement remains uncertain. If the $ 2,610 resistance cannot be passed, the decline scenario for ETH may be activated. If the support level of $ 1,500 cannot be maintained, the price may drop to $ 1,250.
Experts say the Ethereum Foundation has a long position of $ 182 million. If the price fell for $ 1,127, this position may be liquidated and a larger wave of sales may begin. For this reason, investors need to carefully monitor their support and resistance levels.
Decision moment for Ethereum! What should investors do?
According to our analyzes as kriptokoin.com, Ethereum is currently in a critical turning point and remains uncertain of the market. If the buyers remain strong, the price can rise up to $ 3,000. However, if the resistance cannot be broken, the sales of large investors may lead ETH to a harder decrease. Investors should carefully monitor market movements and provide risk management!
