Is ETH on the Verge of Dropping Below $3.5K? This Pattern Hints at It (Ethereum Price Analysis)

After a brief consolidation near the critical $4K resistance level, Ethereum encountered increased selling pressure, leading to a decline. However, a significant support zone lies ahead, which may curb further downward movement.

Nonetheless, there is a significant support zone ahead, including the 100-day moving average at $3,430 and the 0.5 Fibonacci retracement level at $3,419. This suggests that the current price action may continue its bearish retracement in the short term, with the 100-day moving average and the 0.5 Fib level acting as primary support for buyers.

Currently, the price is at a critical support level of around $3.6K. If sellers manage to breach this pivotal level, continuing the bearish trend is the most likely outcome.With Ethereum’s price struggling to surpass the $4K mark, traders might be interested in the behavior of futures market participants.

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