Ethereum recently broke through the $3,000 barrier, but it is now difficult to maintain this level due to increased selling pressure from key players.
Ethereum's capacity to hold onto this crucial price point may determine its immediate future trend given the notable whale activity that has been offloading ETH in recent days.
For Ethereum, the $3,000 mark has long served as a psychological and technical barrier, drawing both buying and selling activity.
The upward momentum is currently complicated by the presence of significant whale selling pressure, as ETH is trading at about $3,134.
The market has become more cautious as a result of the recent sales by major holders, and some investors may be leery of excessive gains.
Ethereum's recent breakout above significant moving averages has propelled the current rally, according to the daily chart.
Now that the 50, 100 and 200-day EMAs are below the price, they might provide support if ETH pulls back from its peak.
Nevertheless, the RSI indicator, which is getting close to overbought levels, indicates that the upward momentum might be waning, which is frequently a sign of a price correction or consolidation.
Ethereum may reach the next important support level, which would be around $2,770 and correspond to the 200-day EMA if it is unable to maintain above $3,000.
In the event of a pullback, this region could serve as a cushion. On the plus side, holding levels above $3,000 might rekindle optimism.
If momentum picks up, ETH might retest higher resistance levels and perhaps even the $3,500 region.
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