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Following the rise in the cryptocurrency market, a correction period has ensued. With the correction, Bitcoin fell to the $63,000 level, while Ethereum retreated to $3,260. How long can the decline in Ethereum continue? What levels should we be following?
Ethereum Price Analysis:
According to CoinMarketCap’s data, Ethereum has experienced a nearly 20% drop in the last week. In addition, it witnessed a nearly 10% drop in the last 24 hours. With these declines, Ethereum’s price has come down to $3,260.
When we look at the current outlook for Ethereum, we see that it has reacted from the $3,200 level. However, the first resistance that must be overcome for the bearish outlook in Ethereum to change is the $3,500 band. It’s hard to say that the positive outlook will continue without rising to this level. If Ethereum continues to decline, the next support level awaits us at $3,000.
Declines continue to occur in cryptocurrencies, led by Bitcoin. During this market correction period, investors are shifting their focus to other areas. Solana-based memecoins, one of these areas, are attracting interest from investors despite hosting several fundamental problems.