Oh no, the Ethereum bulls are sweating cold! 🥶 After a failed attempt to rise, the crypto is wobbling and if it doesn't hold onto $4,400, we could see a fierce drop.
Could Ethereum plummet if it loses the $4,400 level? 📉
Absolutely! Hold on tight, because things with Ethereum have gotten tense. 😬 After a hopeful bounce from $4,320, those who wanted to see the price sky-high ran into a wall at $4,630 and couldn't break through. Two failed attempts, two! And since those betting on a decline were lurking, they brought the price down again.
Now, the situation is like this: Ethereum is trading below $4,550 and if it fails to recover that zone, the next big support, the level everyone is watching closely, is $4,400.
Here comes the scary part: if the price breaks below $4,400, the chaos could be greater. The drop could be quick and take the price down to $4,320 and, if things continue to go wrong, even to $4,250 or $4,150. Imagine the faces of those who bought thinking the rise was certain. 🤦♂️
On the other hand, for the bulls to smile again, they need a miracle: break the resistance at $4,550 and then at $4,630. If they manage that, maybe the party will continue, and we will see the price close to $4,720 again. But for now, the atmosphere is one of caution. The fear is real, and the technical indicators are screaming that the price could plunge. The MACD is in bearish territory and the RSI is already below 50.
In summary: the battle for the price of Ethereum is heating up. The $4,400 level is the line of defense. If it breaks, the path is clear for a significant drop.
So, stay alert. Will the bulls achieve an epic comeback or is it the beginning of a free fall for Ethereum? The market will decide. 👁️🗨️$ETH
