Will $ETH Hold at Support of $3,000 or Experience a Correction❓❓❓
Currently, Ethereum is trading at $2,975, slightly below the crucial resistance of $3,000. After waiting five months to break through this level, Ethereum has finally managed to surpass it.
However, the challenge remains in securing $3,000 as support. If ETH fails to maintain this level, the upward movement could face significant resistance, limiting further gains.
➡️Profit-taking actions could continue to weigh on Ethereum's price in the short term. However, if Bitcoin's upward trend continues and broader market conditions remain optimistic, turning $3,000 into support is likely to push Ethereum towards the next resistance at $3,530. This move would indicate that the current bullish momentum is still intact.
If profit-taking increases, Ethereum's price could fall back below $3,000. The 19% rise seen this week could be erased, but ETH is expected to hold above $2,495, thanks to strong support forming at the $2,500 level.
🔥🔥🔥Historically, large sell-offs like this are followed by price corrections. Given the magnitude of current selling activity, investors should be cautious, as this may signal a short-term correction in Ethereum's price.
