Ethereum prepared to test $ 2,800 support level if the market downwards remains – analysts

Ethereum experienced a sharp decline yesterday when the wider Cryptocurrency market tumbled. ETH prices fell over 9% in just a few hours, shook investors’ confidence and caused concern about a potential deeper correction. The sudden downturn has led to fear in the US markets and increased the uncertainty that has a grip on crypto space this Monday morning.

Top crypto analyst Carl Runefelt shared a technical analysis on X and threw light at Ethereum’s uncertain position. According to Runefelt, Ethereum can test the support level of $ 2,800 if the market continues its downward track today. This key level can serve as a critical time for ETH, as it can lead to further reductions and increased sales pressure.

The marketing position has taken a hitWith many investors who support for increased volatility in the coming days. Analysts carefully monitor macroeconomic indicators and broader market movements to measure the potential impact on Ethereum’s price measure. When ETH floats around important support zones, the next 24 to 48 hours will be crucial to determine whether Cryptocurrency can regain speed or meet a deeper correction. Investors are invited to tread carefully when the market navigates in this volatile phase.

Ethereum is facing intense sales pressure

Ethereum has been under significant sales pressure since the end of December, reflecting the increased volatility that has a grip on the broader Cryptocurrency market. Analysts and investors are becoming more and more Baisse, with the feeling that indicates that ETH can continue to decrease in the coming days. This challenging phase has caused concern about the asset’s prospects in the short term and left many market participants at the edge.

Top Crypto Analyst Carl Runefelt shared their technical analysis on xEmphasizes a critical level of support for Ethereum. Runefelt predicts that ETH can reach the level of support of $ 2,800 if the current market decline remains. This key level can be a strong basis for a potential recovery or signal further weakness if it is broken.

Ethereum that forms a falling wedge pattern | Source: Carl Runefelt on x
Ethereum that forms a falling wedge pattern | Source: Carl Runefelt on x

Despite the baisseed feeling, some investors and traders see this potential case as an opportunity. Ethereum is still one of the most prominent cryptocoirs, and many believe that this cycle is still ready for significant profits. A correction to $ 2,800 can provide an attractive entry place for those who are secure about Ethereum’s long -term grounds and growth potential.

As the market continues to navigate in this uncertain period, all eyes are on Ethereum’s price measure. Whether it maintains critical support or leaves for further sales prints will play a crucial role in shaping their course in the coming weeks.

The price is valid over critical support

Ethereum (ETH) is currently traded at $ 3,050 and maintains a position just above the 200-day sliding average, which is at $ 2,988. The 200-day sliding average is generally regarded as a long-term indicator of strength, and holding over it Level can signal a potential reversal of the ongoing downward trend.

ETH -Testing Crucial Demand | Source: Ethusdt -Diaram on Tradingview
ETH -Testing Crucial Demand | Source: Ethusdt -Diaram at TradingView

The market looks closely to see if Ethereum can maintain this critical support, as it can mark the beginning of a recovery phase. Analysts emphasize that staying above 200-day sliding average is crucial to building haus-like speed and restoring investors’ confidence in the short term.

However, keeping support is just the first step. In order to confirm a trend use and establish a stronger haussey vision, Ethereum must recover the resistance level of $ 3,300. This would indicate that buyers have regained control and potentially paved the way for further upwards.

On the back, it may lose $ 2,988 level to lead to increased sales pressure, with the ability to test lower support levels. When the market navigates at this important moment, the coming days will be crucial to determine whether Ethereum can maintain its current levels and make pressure on recovering higher ground. Currently, traders and investors remain carefully optimistic.

Featured Image from Dall-E, Chart from Tradingview

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