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Ethereum has just surpassed the $3,000 mark, but there are still challenges ahead for the popular cryptocurrency. The price has started to dip, and if it falls below $3,000 again, Ether could face more selling pressure.
Currently, Ethereum is trading at around $3,005, with resistance levels at $3,200 and $3,400. Breaking through these levels could signal a stronger bullish trend. On the flip side, if Ethereum drops below $3,000, it will be important to watch the support levels at $2,900 and $2,800, as this could indicate a worsening bearish trend.
Recent price action has shown that Ethereum is struggling to maintain its upward momentum, with the 50-day EMA at $3,067 and the 200-day EMA at $2,800 being critical levels to keep an eye on. On-chain data also provides insights, with the number of active addresses on the Ethereum network fluctuating and transactions hovering around one million daily.
The net ETH emission after EIP-1559 has been slightly negative, indicating more ETH being burned than minted. Despite the recent breakthrough above $3,000, Ethereum still faces challenges ahead. Key levels to watch are $3,200 and $3,400 on the upside, and $2,900 and $2,800 on the downside.
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Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators