Ethereum Price Holds Above $3,400: Can Bulls Defend This Key Support?

Ethereum price has recently encountered a significant pullback, falling below the $3,550 support level. The cryptocurrency is now testing a critical support zone around $3,450, which is crucial for maintaining its upward momentum. 

In the future, Ethereum price is about to achieve a major milestone with the Fusaka Upgrade that will be released on December 3rd.  This upgrade will introduce significant modifications in the network, and this may lead to Ether price surge in the coming days.

In the meantime, the wider market is keeping a keen eye on the voting of the U.S. House of Representatives, which is slated to close the longest government shutdown in U.S. history today. This would be a very timely resolution to pass and is likely to bring confidence back to the market, which might trigger a bullish run.

Ethereum ETFs Face Significant Outflows of $107M

Etherem spot exchange-traded funds (ETFs) have witnessed a massive decline in investor interest, which has taken a total turnover of $107 million. Interestingly, all the nine ETFs in this sector registered no inflows over the period.

This has changed the mood as the total net assets of these ETFs have also been estimated to be at 22.48 billion. The statistics indicate that there is a decline in investing in such Ethereum-driven financial products.

Ethereum Price Faces Critical Support Test at $3,300

Ethereum price has recently crossed an important support level, and this makes its price movement alarming. The second major support is approximately $3,300, and in case it does not, Ethereum would have the potential to reach a new monthly low.

According to the analyst, a number of important price zones are considered, with the level of $3,700 as the temporary resistance. 

The traders are currently observing keenly whether the support of Ethereum will withstand the current support of $3,300 or whether it will continue to fall.

What Next For Ether Price?

As of the reporting time, the Ethereum price is trading at $3,397, marking a 0.86% decrease in the past 24 hours. 

Currently, ETH is hovering around $3,400, with notable support at $3,450 and resistance near $3,600. As the future Ethereum outlook remains bullish

The MACD indicator indicates a declining trend that denotes the selling pressure. The value of the histogram of 4.29 is an indicator that there might be an increase in the value; however, that is not yet certain.

The level of $3,200 is critical to traders as a level of support. Any negative move below this will be an indicator of continued losses. On the contrary, ETH will have to overcome the level of $3,500, and it will signal the transition to a bullish trend.