$ETH Battle at $3350: Buy Opportunity or Bear Trap?
Ethereum is at a critical turning point. The recent drop from $3878.09 to around $3350 echoes the saying:
"In a bull market, declines are sharp; in a bear market, they’re slow and steady."
Now the big question is: is $ETH
forming a bottom for a rebound, or is this just the beginning of a deeper dive?
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🔍 Market Recap: From $3878 to $3350
Waterfall Decline: ETH has plunged from the 100% Fibonacci level at $3878.09, crashing through two major supports at $3765.76 (78.5%) and $3677.64 (61.8%), finally landing near $3353.51 — the 0% Fib level.
Weak Rebound: A slight recovery to $3477.29 (23.6%) faced strong resistance from moving averages, showing classic "weak rebound, strong selling pressure."
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📉 Key Support: $3353.51
This is both a crucial Fibonacci level and a psychological barrier. A break below it could trigger panic selling — potentially sending ETH below $3000.
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🐂 Old Cow’s Take: Buy the Dip or Wait It Out?
A short-term bounce from $3350 is possible due to funding support, but serious resistance lies ahead at $3477.29, $3553.87, and $3615.76. Without a strong catalyst, bulls may struggle.
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⚠️ What Happens If $3350 Breaks?
Technical Signal: If a 4-hour candle closes below $3353.51, ETH could explore the $3000–$3200 range.
Big Money Watch: Institutions are currently waiting. If they start selling, we could see a quick breakdown.
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📌 Final Thoughts:
Short-term volatility is likely, but downside risk remains high. Watch $3350 closely — if it holds, a rebound may follow. If it breaks, look toward $3200 as the next key level.
> “In a bull market, you profit by being bold. In a bear market, you profit by being patient.”
So, what’s your move? Will ETH defend $3350 or drop further? Let’s discuss in the comments!