Ethereum, which is considered to be one of the stable assets, has also seen a notable pullback since the early hours of trading. The asset since lost to the $ 4000 levels never seemed desperate to regain its lost position.
Yet he always preferred to have a calculated approach to achieve the higher goal. However, the recent crash has dragged the price up to crucial levels, breaking what can be quite worrying.
The price of ETH has since topped its highs above $ 4,700, consolidating well above $ 4,000. Despite some drops, the price has remained relatively above these levels.
However, since the last days of 2021, the asset has started on a downtrend which has compressed the price to some extent. Yet none of them believed that the downtrend would continue to push the price below the $ 3,000 levels that also appear threatened.
The price of ETH will currently test one of the crucial support levels around $ 3200. There is no doubt that the asset is leaving no stone unturned to reverse the downtrend.
A trend reversal could be in place at these levels, but would have been short-lived. If, in case the price does not hold at these levels, the next lower support around $ 3039 could be strong enough.
Here, the possibilities for the asset to attract new trades may intensify, as any level around $ 3000 is a huge buy zone.
A huge influx of cash is expected here as traders are always jumping to grab the asset at the discounted price. And finally, the price of Ethereum (ETH) may reach a high level, but the target levels of $ 4,000 seem a bit far off at the time of publication.
