Opinion: Ethereum price challenges key $3,000 support area

According to CryptoPotato, analyst Shayan’s analysis showed that the price of Ethereum encountered challenges in breaking through the key $3,000 support area, with selling pressure offsetting demand, causing prices to move sideways. However, if this critical point is suddenly breached, a cascading effect may be triggered. On the daily chart, Ethereum’s trajectory saw a significant rejection near $4,000, triggering bearish sentiment among market participants. Nonetheless, the decline found a temporary respite when the price reached an important area of ​​support, which encompasses the price range between the key $3,000 mark and the Fibonacci levels of 0.5 ($3,133) and 0.618 ($2,906). . Currently, Ethereum is going through a sideways phase, with the price hovering near the important $3,000 support area. This suggests an accumulation may be underway, potentially paving the way for a strong bull recovery in the near term. However, a sudden break above this key support zone could trigger a cascading effect with the next targets located at the $2,500 area and the 200-day moving average at $2,600.