Ethereum Price Decline: What's Next After Failing to Flip Key Support Level
Ethereum Price Decline and Market Sentiment
Ethereum price is trading at $3,357 with market cues pointing to a broader correction trend. The failure to sustain above the key resistance level has triggered a significant drawdown, with long liquidations adding further bearish pressure.
Impact of Long-Term Holders and Market Conviction
Long-term holders are moving to liquidate their positions, reflecting a lack of confidence in the market. The Liveline metric indicates a shift towards liquidation, suggesting a bearish sentiment prevailing among investors.
Potential Price Movement and Critical Support Levels
Ethereum price could test lower support levels, potentially falling to $3,031. However, the $3,031 support line also aligns with a crucial Fibonacci retracement level, offering a bounce-back opportunity to invalidate the bearish thesis.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.