📉 Ethereum Price Slides Amid Market Downturn
Ethereum (ETH) is falling alongside the broader crypto market, with BTC dropping below $100K. ETH is down 5% from Friday’s high, signaling a continuation of its descent. How low can ETH go?
⚠️ Three Reasons for Ethereum’s Decline
Bearish RSI Divergence: Since November 11, ETH has made higher highs, but the RSI has been producing lower highs, signaling a potential drop.
Momentum Weakening: The Awesome Oscillator (AO) shows declining momentum. Bearish divergence and Bitcoin’s slide point to increased selling pressure.
Psychological Resistance at $4,000: ETH hitting this level often triggers profit-taking and corrections, leading to the ongoing pullback.
📊 Technical Analysis: Key Levels to Watch
ETH is likely to test the $3.8K to $3.9K demand zone. A bounce here could lead to a retest of $4,024, but a rejection may result in a 9% drop to $3,701. If selling pressure persists, ETH might slide further to $3,518, with potential declines to $3,368 or $3,161 if this level breaks.
🚀 Bullish Scenario
A bounce above the $3.8K to $3.9K support level and a new high above $4,087 could invalidate the bearish outlook. In this case, ETH might aim for $4,500 or even retest the $5,000 level.
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