Grayscale dumps $811 million post Ethereum ETF launch event
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Ethereum's recent price drop mirrors a sell-the-news reaction, much like the #Bitcoin ETF launch in January.
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Despite a neutral trend over the past week, #Ethereum (ETH) has struggled to break above the critical resistance zone of $3,500.
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Since February, $ETH has been trading within a triangular pattern on the daily chart.
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Following a significant sell-off, #Ethereum is currently consolidating within a trading zone.
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$ETH is trading below its 20-day, 50-day, 100-day, and 200-day moving averages on the daily chart.
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According to Coingabbar Prediction, ETH could potentially rebound to $3,350 and even $3,600 if it holds the $3,120 support level.
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Conversely, if panic selling occurs below $3,120, ETH might test $3,000 and possibly decline further to $2,850.
KEY LEVELS :
RESISTANCE LEVEL : $3,220-$3,300
SUPPORT LEVEL : $3,120-$3,050
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
