Ethereum (ETH) has been on a roller coaster ride and is currently facing a resistance level of $3,055. If it fails to break through this level, it may start a new round of decline.
First, let's look at several key support points on the way down. Initial support is set near $3,000, which is the first line of defense. If this line of defense is lost, the price may continue to slide to the $2,950 area, which is the second important support point.
Further down, the next support level is around $2,920. If the price falls below this support level, the situation may be more serious and the price may be pushed to the $2,840 level.
Once the price falls to this level, any further losses may cause it to quickly fall to $2,720 in the short term. Such a drop is undoubtedly a huge blow to investors.
In terms of technical indicators, the MACD of ETH/USD is currently losing power in the bearish zone, which means that the market momentum is weakening and the pressure for price decline is increasing. The RSI is currently below the 50 level, which further confirms the weak market trend.
Therefore, investors need to pay close attention to the changes in these key support and resistance levels. Of course, it is difficult to predict when the decline will begin. But we can be sure that once the price falls below the key support level, the downward trend may accelerate.
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