Opinion: Ethereum price faces downward pressure, which may trigger a new bear trend
According to CryptoPotato, the analysis of analyst Shayan shows that after a period of consolidation and corrective action, the price of Ethereum has encountered increased selling activity, which has led to a slight decline in price close to the 100-day moving average. The main question at present is whether Ethereum sellers can break through this key moving average. After a long corrective retracement phase, the price tested the key resistance area of $3,200, and the market experienced increased selling pressure, which led to a slight decline in price. As a result, the Ethereum price is now testing a key support level marked by the 100-day moving average at $3,086. However, given the current market sentiment and recent price action, Ethereum seems to lack sufficient momentum and buying activity, increasing the possibility of a new bear trend in the short term. Nevertheless, if there is an unexpected breakthrough of this key support area, it may trigger a waterfall effect towards the 200-day moving average of $2,500.
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