Ethereum’s price has recently experienced a decline, currently remaining above the $3,200 support level. However, it is still below significant moving averages, indicating a bearish trend in the market.

The cryptocurrency is fluctuating within a narrow range between $3,200 and $3,400, with sellers dominating the market. Analysts suggest that if the price drops below the $3,000 support level, it could further decrease to around $2,850.

Technical indicators reveal that Ethereum’s price bars are situated below the downward-sloping moving averages, which signifies ongoing bearish momentum. The 21-day simple moving average (SMA) is nearing a crossover below the 50-day SMA, suggesting a more negative outlook. Currently, the price action is characterized by stagnation, with Doji candlesticks reflecting market indecision.

• Key resistance levels: $4,000 and $4,500
• Support levels: $3,500 and $3,000

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