$ETH

Ethereum

Ethereum has had a tough few weeks, failing to sustain its upward momentum as rivals like Solana gained ground. After peaking at $4,100 last month, Ethereum has slipped into a steady downtrend, currently testing critical support near $3,190.

Short-term technical indicators are pointing to a bearish bias. A daily close below $3,290 reinforces the possibility of Ethereum retesting $3,190. If sellers break this level decisively, the cryptocurrency could slide towards $3,000, in line with the Fibonacci retracement levels.

On the upside, buyers need to reclaim $3,380 to break the downtrend. A sustained move above this resistance could lead to a rally towards the $3,600 area, paving the way for a potential breakout to $4,500.