Ethereum’s price has experienced a significant drop of over 5%, raising concerns as to whether bears will be able to drive the price below $2,800. Currently, Ethereum is trading below $3,120 and the 100-hourly Simple Moving Average, indicating a bearish trend. There is a bearish trend line forming with resistance at $3,120 on the hourly chart of ETH/USD. If Ethereum fails to clear this resistance, it could continue to decline further. The immediate support lies around the $2,940 level, while the main support is near $2,800. A break below this level could push the price towards $2,650 or even $2,540 in the near future. However, if the price manages to break above the $3,120 resistance, it could gain traction and potentially rise towards $3,250. Further gains could lead to a test of the $3,350 and $3,500 resistance levels. As with any investment, it is important to conduct thorough research and exercise caution.
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Ethereum Price Plunges Over 5%, Can Bears Push ETH Under $2,800?
