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Ethereum price data casts doubt on the strength of ETH’s support at $3K

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Can Ethereum price hold the $3,000 level? Derivative data suggests that investors are concerned.

) price plummeted by 21% between April 9 and April 14, hitting a 50-day low. Although it has recouped some of its losses, Ether continues to show signs of weakness following a failed attempt to breach the $3,200 resistance on April 14. Traders now question if the $3,000 support will hold for longer.exchange-traded fund in May. However, the mixed signals from on-chain and derivatives data suggest the possibility of further corrections before the U.S.

It would be simplistic to attribute Ether’s recent downturn solely to the dim prospects of spot Ether ETF approval, especially since Bitcoin , the leading cryptocurrency, also fell 14% in the five days leading up to April 13. A more nuanced analysis would compare Ether’s performance against its direct competitors, particularly those involved with decentralized applications .) experienced a significantly steeper fall.

 

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