Ethereum Price Outlook: Will Bulls Defend $3,000 Support Level?

Ethereum price currently hovers above $3,200 after a short bearish dip, following a week of consolidation. The cryptocurrency recently tested the $3,100 support level and managed to bounce back. 

However, market strength remains weak, and Ethereum could potentially test the $3,000 support zone if the bears take control. At present, the price is stabilizing between $3,130 and $3,160. 

Over the last 24 hours, Ethereum has risen by 2%, although it has experienced a 5.96% decline over the past week. 

Other major crypto markets, including Bitcoin, XRP, and Solana, are also struggling to recover as the market eyes a possible rebound.

Ethereum Price Struggles at $3,200: What’s Next for the Crypto?

Ethereum climbed above the $3,200 level, with the market facing a crucial phase. The $3,500 zone is identified as a key resistance level, and if Ethereum price manages to break above this, it could push the price toward the $3,800 level.

 However, analysts suggest that if the price of Ether fails to reclaim this zone, a drop below $3,000 could be in store, potentially triggering a liquidity sweep in that lower range.

Ethereum recently touched the $3,100 support level before bouncing back, but the lack of strong momentum raises concerns. 

Analyst believe there’s still a possibility for Ethereum to dip below $3,000 if the market fails to gather sufficient strength. A drop below this support level could lead to a local bottom, followed by a potential relief rally in the near future. The Ethereum price outlook for long term

 remains bullish, with analysts watching for critical movements at key levels.

Ethereum ETF Sees Significant Outflow of $177.9 Million

Yesterday, the Ethereum ETF saw a significant outflow, which amounted to $177.9 million. This event happened at the same time as BlackRock’s huge liquidation of Ethereum for $173.3 million.

A closer look at the financial flows shows that the BlackRock ETF had its large positions in Ethereum (ETH) affected by the sell-off. The repositioning of firms like BlackRock is a clear signal of market dynamics in one strategic direction, as they slowly move their crypto-related asset.

ETH Price Consolidates Near Key Support Level

At the time of writing, the price of Ethereum stood at $3,235, reflecting a modest increase of 2% in the past few hours. The Moving Average Convergence Divergence (MACD) gives a neutral reading of the market at the level of 12.37. 

Despite this, the prevailing trend seems to be bearish, as the MACD’s histogram is still below the zero line, which is an indicator of selling pressure in the market. 

The RSI is similarly at the level of 46.40, suggesting that the price of Ethereum is not reacting either way, that is, it is neither overbought nor oversold.

Market volume is still quite stable; it is just the activity of buyers and sellers that is fluctuating, showing that there is still great uncertainty. The next major resistance level lies around $3,400, and a definitive breakthrough above this point could potentially set off a rally.