Will Ethereum Hold $3K?
After failing to break major resistance zones, Ethereum (ETH) is losing bullish vigor. ETH is trading around $3,119, barely below its 100-day Simple Moving Average (SMA) at $3,312, in a delicate consolidation period that might determine its next major move.
One-Day Chart Analysis
The daily chart analysis shows a remarkable attempt to breach the $3,500 resistance level, when technical forces combined. This included the symmetrical triangle pattern's top limit and $3,517's 50% Fibonacci retracement level. However, strong selling pressure forced a pullback, preventing bulls from capitalizing on the momentum.
Ethereum's inability to push above critical resistance levels exposed purchasing pressure weakening, causing a correction to $3,119. Amid bearish pressure, the $3,000 support level is crucial.
If this support breaks, the Bitcoin might fall to $2,927, a major Fibonacci retracement zone that could pit bulls against bears. A collapse would likely increase pessimistic sentiment, sending the ETH token into deeper declines and changing its short-term market direction.
The 100-day moving average (MA) provides strong resistance to bullish recovery efforts as long as ETH trades below it. The chart's symmetrical triangular pattern adds suspense, indicating a significant move in either direction.
A break over $3,500 might boost confidence and price objectives. However, a break below $3,000 might increase selling pressure, putting bulls on the defensive and favoring bears. With Ethereum reaching a key point, its next move will likely shape the market, putting traders on edge.
Transaction and Profitability Analysis
Conversely, a significant break above $3,132-$3,500 would certainly relieve suffering investors. However, transaction count data by size provides more market behavior information. Small transactions under $1,000 have grown by 1.21% and 9.09%, respectively, for transactions under $1 and between $1 and $10.
#ETH #ETHETFsApproved #Ethereum #BitcoinReserveWave AltcoinRevolution2028 $ETH
