Ethereum Faces Sharp Decline As ETH Targets $3,051 Support Level

Quick Summary:

Analyzing potential outcomes if Ethereum breaks through the $3,051 support level reveals that if the digital asset breaks below this level, it may move lower to test the $2,865 support level and probably move on to test the $2,160 support level and other levels below if the price breaches this level.

The $3,051 support level is now a focal point, determining the short-term direction of Ethereum’s price action and potentially setting the stage for future movements in the cryptocurrency market.  This article aims to analyze the sharp decline affecting the digital asset and its impact on the cryptocurrency’s price as it approaches the $3,051 support level.

On the 1-day chart, the crypto asset has made a sharp drop below the 100-day SMA and is attempting a break below the bullish trend line while dropping toward the $3,051 support level.

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Article Details

Author / Journalist: Godspower Owie

Category: Crypto

Markets: United KingdomNigerNigeria

Topics: ETHUSDT Ethusd Composite Trend Oscillator ETH Simple Moving Average Ethereum SMA Ethereum

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-04 @ 11:00:52 (3 days ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 484 words

Reading Time: 3 minutes read

Sentences: 63 lines

Sentence Length: 8 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 21481636

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Main Topics: Crypto

Official Website: newsbtc.com

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News Last Updated: 17 hours ago

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