Jan 15, 2025
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Ethereum Drops Below $3,000 for First Time Since November
Ethereum (ETH) fell to its lowest price since November, hitting $2,920 after a 12% drop. Market analysts remain optimistic about a potential rally this quarter.
Key Points on Ethereum's Recent Performance
- ETH dropped below key support between $3,066 and $3,160.
- Critical resistance identified at $3,360 to $3,450, where 4.37 million addresses hold 6.47 million ETH.
- Bounced back from the $2,900 level, rising 9% to the $3,100-$3,200 range.
- Miky Bull sees current conditions as a setup for a significant reversal towards a target of $7,000.
- ETH is forming an inverse head and shoulders pattern, with previous movements resembling its trajectory in 2021.
- Historical data indicates potential recovery trends for ETH as the year progresses.
As of now, ETH is trading at $3,230, showing a 3% increase within the day.
