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Ethereum’s price is following the expected downtrend, with the market showing a consistent decline after breaking below the key trendline. This confirms that the correction is in motion and could continue unless support levels hold. ETH is currently down by more than six percent and is trading slightly above the $3000 levels.
Ethereum’s Downtrend: Testing Key Support Areas
Currently, Ethereum is experiencing a pullback in what appears to be part of a larger ongoing uptrend. As the price moves deeper into the support zone, it may present buying opportunities. However, this could be the final chance for bulls to regain momentum before further downside pressure takes hold.
If Ethereum’s price fails to hold at key support levels, further downside is expected, and altcoins are likely to follow Ethereum’s lead.
Critical Support Levels to Watch
Ethereum’s price is under pressure, with a key resistance level at $3,613. If the price remains below this mark, further declines are likely. The next critical support levels to watch are around $2,920 and $2,840. These Fibonacci support areas could provide potential reversal points, but unless the price shows clear signs of an upward shift, the downtrend is likely to continue.
Potential Early Reversal at Fibonacci Support
There is a possibility that Ethereum’s correction could end earlier than expected. The Fibonacci extension at $2,840 is seen as a potential point for the correction to complete. However, if the downtrend lacks strong momentum or appears choppy, it may mean that the correction will finish sooner than anticipated. An early turnaround would be positive for altcoins, potentially leading to quicker recovery.
Market Behavior to Watch in the Coming Sessions
Over the next few days, the price action will reveal whether the current downtrend remains strong or if momentum begins to wane. If Ethereum’s price shows signs of weakening, it could signal that the correction is nearing its end, potentially allowing for a rebound. Altcoins would likely follow suit in this scenario.