Ethereum Recovers From Drop Below $3,000: Analyst Points At 2021 Rally Similarities
Summary
Ethereum (ETH) fell to its lowest price since November, dropping below key support levels to $2,920 after a 12% retracement. The cryptocurrency had previously traded between $3,200 and $3,340 over the weekend. Analysts identified critical resistance between $3,360 and $3,450, with significant buying activity noted in these ranges. ETH's key support was identified between $3,066 and $3,160. Following the drop, ETH bounced back to the $3,100-$3,200 range. Some analysts predict a potential rally, citing an inverse head and shoulders pattern and historical performance trends similar to 2021. Current trading stands at $3,230, reflecting a 3% daily increase.
