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Ethereum’s (ETH) price remains at risk of dropping below $3,000 as the Federal Open Market Committee (FOMC) meeting approaches. Traders expect market turbulence as the Federal ETH derivatives data shows pro traders’ appetite for risk declining, placing pressure on the $3,000 support level. Ether (ETH) price plummeted by 21% between April 9 Hace 1 día Recently, CCN observed how ETH had formed a bull flag, indicating that the cryptocurrency could climb to $3,000. However, that prediction might have been delayed Ethereum struggles to defend $3,000, while the decline in Funding Rates worries crypto traders. A crucial test. Ethereum price has dropped over 15% in seven days, risking a fall below $3,000, with bearish indicators like DMI and EMA driving pressure. Whale accumulation has Hace 3 días Ether is forming an ascending triangle pattern, suggesting a potential rise above $3,000. By Omkar Godbole Hace 2 días These technical factors collectively indicate that Ethereum’s price may struggle to break through the $2,500 to $3,000 range for a while. Unless ETH secures a strong breakout Hace 4 días Ethereum (ETH) is currently trading at $2,634 on the daily chart, consolidating just below a key resistance zone marked by the 200-day SMA at $2,699.60. After a sharp move up Ethereum (ETH) has been facing challenges in maintaining its price above the crucial $3,000 support level. As the market navigates through a period of uncertainty, investors and traders

Ethereum Struggles to Hold $3000 Support: Will ETH Recover in May?

Ethereum (ETH) is facing a crucial test in May as it struggles to maintain its price above the critical $3,000 support level. Investors and traders are closely watching Ethereum’s performance amid market uncertainty and macroeconomic factors.

Why is Ethereum's $3000 Support Under Pressure?

Several factors are contributing to the current pressure on ETH's price. The upcoming Federal Open Market Committee (FOMC) meeting is creating market turbulence, with traders anticipating volatility. Federal ETH derivatives data indicates a decline in pro traders' risk appetite, further exacerbating the situation and placing significant pressure on the $3,000 support level. As highlighted by recent analysis, Ethereum’s (ETH) price remains at risk of dropping below $3,000.

Ethereum price has dropped over 15% in seven days, and bearish indicators like the DMI and EMA are driving downward pressure. After a sharp move up, Ethereum (ETH) has been facing challenges in maintaining its price above the crucial $3,000 support level.

Technical Analysis: Can ETH Break Through Resistance?

Ethereum (ETH) is currently trading around $2,634 on the daily chart, consolidating just below a key resistance zone marked by the 200-day SMA at $2,699.60. While some analysis suggests a potential rise above $3,000 based on an ascending triangle pattern, others indicate that Ethereum’s price may struggle to break through the $2,500 to $3,000 range for a while, unless ETH secures a strong breakout.

Recently, previous analysis observed how ETH had formed a bull flag, indicating that the cryptocurrency could climb to $3,000. However, that prediction might have been delayed. The decline in Funding Rates also worries crypto traders.

What's Next for Ethereum in May?

The performance of Ethereum (ETH) in May hinges on a few key elements:

  • FOMC Meeting Outcome: The Federal Reserve's decisions will significantly impact the entire cryptocurrency market, including Ethereum.
  • Trader Sentiment: A shift back towards risk-on behavior among professional traders could help ETH regain its footing.
  • Breakout Above Resistance: A decisive move above the $3,000 level, confirmed by strong volume, is crucial for a bullish reversal.

Keep checking back for updates as we continue to monitor Ethereum's price action and provide analysis on its potential performance throughout May.

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