- Ethereum trades below $3,800 resistance, signaling persistent bearish pressure.
- A break below $3,329 could push ETH toward $2,800 amid ETF outflows.
- Fusaka upgrade and rate cuts may trigger a potential rebound
Ethereum (ETH) continues to face downward pressure, trading below a critical micro resistance level, as highlighted by a recent analysis from More Crypto Online on X. The 1-hour chart reveals a consolidation phase beneath the upper resistance zone, marked around $3,800, with the price struggling to break through.
The technical breakdown suggests that a meaningful low has not yet formed, with bearish sentiment reinforced by a descending trendline and declining moving averages. Analysts point to a potential drop toward the $3,200-$3,300 range if the current support fails, aligning with recent market trends showing a 30% decline from Ethereum’s yearly high of $4,946.The chart indicates a bearish wedge pattern, with the price testing the 50.00% Fibonacci retracement level at $3,329.15.
This level has historically acted as a pivot, and a break below could accelerate selling pressure, possibly targeting $2,800. Meanwhile, massive outflows from Ethereum ETFs—exceeding $1.4 billion in recent weeks—coupled with daily sales of 45,000 ETH by long-term holders, are fueling this tense standoff. However, upcoming catalysts like the Fusaka network upgrade and potential Federal Reserve rate cuts could spark a rebound if bullish momentum returns.
Traders remain divided, with some anticipating further declines, while others see a bounce as plausible if support holds. The market’s next move hinges on whether Ethereum can reclaim the $3,600 level, a psychological and technical threshold. For now, caution is advised, with short-term traders advised to monitor volume and key support zones closely.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
