Ethereum price predictions amid attempts to defend the support level of
$3,000?
The price of Ethereum (#Ethereum ) continues to try to cling to the pivotal $3,000 level while attracting additional buyers around it despite the recent decline, with the current price drop over the last 24 hours being about 1.35% at $2,997.90 and a market cap reaching $361.8 billion. Although the currency continues to face pressure, the ongoing defense by buyers of this area suggests the price is preparing for a decisive breakout.
With the overall mood improving, traders are asking the same question: Does the price movement of Ethereum quietly establish a strong launch pad to reach $5,000?
Technical analysis of Ethereum's price movements indicates it is still stuck within a descending channel.
A review of the daily chart of Ethereum's price movements shows it continues to move within a descending channel that has limited any rebound since mid-October. The failure to break the $3,108 level, which is stable below the 20-day exponential moving average (EMA-20), confirms the strength of the resistance barrier in the foreseeable future.
