Ethereum has been on a downward slide for a while now, even with the recent launch of spot ETH ETFs. But is the price about to hit rock bottom?
A Big Number: $3,000
Data analysts are keeping a close eye on the $3,000 mark. Why? Because a lot of investors bought Ethereum around that price. Think of it like this: if the price drops below $3,000, these investors might start buying more to try and make their money back. This could help prop up the price.
What Happens if $3,000 Doesn’t Hold?
If the price falls below $3,000, things could get a bit more dicey. There’s another support level around $2,800, but it’s not as strong. If that level breaks, Ethereum could continue its downward journey to $2,600.
The Current Situation
Right now, Ethereum is hovering just above $2,900. It’s been a rough week, with the price dropping by almost 7% in the last 24 hours and 9% in the past week.
The Big Question
Will $3,000 be the bottom for Ethereum? Or will the price continue to fall? Only time will tell.
