Key Insights
- •Ethereum clings to $3,200 as charts show growing risk of a deeper move toward $2,700.
- •Resistance at $3,760 remains firm, with multiple failed attempts to regain bullish momentum above $3,500.
- •Traders eye $3,200 for bounce plays while preparing for downside targets near $2,750 if support breaks.
Ethereum (ETH) was trading at $3,230.44, with a daily loss of 4.91% and a 7-day decline of 15.80%. The price is hovering just above a support zone between $3,100 and $3,200, a level that has held several times in recent weeks. However, the market continues to show weakness.
Ted commented, "The demand has gone down, so it’ll be very hard for prices to hold up." If this zone breaks, ETH could drop toward lower areas already marked on several charts. Levels around $3,035, $2,975, and $2,855 have been identified as possible support if the current floor fails.
Resistance Capping Upside Moves
Ethereum has been unable to regain ground above $3,500, where multiple rejections have taken place. The zone between $3,500 and $3,760 remains a key resistance area, which has limited any price recovery since late October.
Unless ETH reclaims this level and moves above $3,700, the downtrend may continue. Current price action shows lower highs, which keeps pressure on the market and points to cautious sentiment among traders.
Long-Term Trendline Still Active
A long-term ascending trendline, visible on the weekly chart, has provided support for Ethereum since early 2022. This trendline now intersects closely with the 0.618 Fibonacci level, located near $2,700. This zone is drawing attention as the next key area if ETH breaks below the $3,100 region.
Kamran Asghar noted,
"hitting the long-term trendline and the 0.618 Fib around $2,700."
This price level has been a turning point in the past, where buyers stepped in during broader market corrections.
Traders Watch $3.2K–$3.8K Range
A trading plan shared by TheLordofEntry suggests managing positions between two key levels. The range includes a long setup near $3,200 and a short position around $3,800. These entries are based on previous price reactions and Fibonacci retracements.
At the time of writing, ETH is near the lower end of this range. If $3,200 holds, a rebound could follow. If not, traders may watch the $2,750 area next. Until demand strengthens or resistance breaks, Ethereum may continue trading within this wide zone.