Ethereum($ETH) fell below $3400… the $3000 support line is facing a test

Ethereum(ETH) is showing a short-term downtrend and is beginning to test key support levels. Market analysis suggests the possibility of further declines.

As of the afternoon of the 13th, the trading price of Ethereum is $3,404 (approximately 4.59 million Korean Won), down 1.51% from the previous day. Analysis indicates that when the price approaches the support level of $3,377 (approximately 4.55 million Korean Won) on the hourly chart, if buying power fails to rebound at this level, it may continue to drop to $3,350 (approximately 4.52 million Korean Won).

On the weekly chart, after a “false breakout” at $3,654 (approximately 4.93 million KRW), it continues to maintain a downward trend. If the daily candlestick closes with a long shadow, the corrective decline may extend to the $3,300 (approximately 4.45 million KRW) level.

From a medium-term perspective, vigilance is also required. The current trading area of Ethereum needs to defend the important support level of $3,000 (approximately 4.05 million KRW). If this support level is lost, the next support range is expected to be at $2,857 (approximately 3.86 million KRW).

This trend aligns with the overall bearish environment of cryptocurrencies, where the market generally shows a tendency for risk aversion. Therefore, it is advisable to adopt a conservative strategy to cope with potential short-term declines, rather than expecting a rebound.