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Ethereum (ETH) Price Analysis
The value of Ethereum (ETH) has seen a notable decrease following its failure to uphold the crucial support level of $3,700. This breach has indicated a resurgence in selling pressure, resulting in the cryptocurrency dropping to a low of $3,508.
Analysts’ Predictions
Analysts predict that Ethereum could continue to decline, possibly reaching the $3,400 and $3,200 levels if the current downward trend persists. However, if Ether manages to remain above the 50-day SMA, the selling pressure may decrease, leading to price fluctuations between the moving average lines.
Technical Indicators
Technical indicators point to significant resistance levels at $4,000 and $4,500, with key support levels at $3,500 and $3,000. The bearish trend has invalidated the previously optimistic scenario, putting Ether at risk of further decline.
Investor Advice
The appearance of doji candlesticks at the $3,700 breakout level on the 4-hour chart suggests a resumption of selling pressure. As the leading altcoin struggles to maintain its position, investors are advised to thoroughly research before making any investment decisions in the cryptocurrency market.
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