Ethereum Struggles Below $3.5K Amid Market Anxiety
By: Eliza Bennet
Ethereum's price volatility continues as the crypto fails to recover above the $3,350 mark, while also facing hurdles at $3,200.
- After repeatedly testing the $3,120 zone, Ethereum commenced another decline, trading below $3,220.
- It now consolidates near $3,200, struggling to exceed the 100-hourly Simple Moving Average.
- Immediate resistance seems to be near the $3,200 level, with the $3,240 level being a significant hurdle.
- A decrease below the $3,170 support could lead to more downsides for ETH.
Simultaneously, reports indicate institutional outflow for the third consecutive week, with a noticeable slowdown in the BTC ETF flows. Market speculations suggest that BTC ETFs may become large crypto sellers, potentially impacting other cryptocurrencies such as Ethereum.
On the brighter side, Ethereum's gas fees have recorded a six-month low, potentially increasing the blockchain's accessibility for users. Amid Ethereum's price fluctuations, rumors of EigenLayer airdrop also persist, sparking investor interest. Notwithstanding the crypto's existing performance, support levels are anticipated at $3,170, while $3,250 poses as the major resistance.
