Ethereum's price has fallen below $3,000, raising questions about its potential bottom. Recent analysis suggests that ETH may see further declines due to various technical and on-chain factors. The daily chart shows a rejection from the $3,500 resistance level and a drop below the 200-day moving average. On the 4-hour chart, a potential bullish reversal could be brewing, but market sentiment remains cautious. The increase in Ethereum exchange reserves indicates potential selling pressure, contributing to the bearish outlook.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
