Ethereum Remains Below $3,000 Amid Volatility and Bullish Pennant Formation
Ethereum experienced over a 30% drop in one day due to market panic related to U.S. trade tensions but quickly rebounded after President Trump announced tariff negotiations with Canada and Mexico. This recovery has renewed investor optimism.
Key points include:
- Ethereum is within a bullish pennant pattern formed since 2021, indicating potential for a breakout.
- Current trading struggles below the $3,000 mark raise concerns about further corrections.
- Technical analysis suggests that if Ethereum breaks above the $4,000 level, it could lead to new all-time highs.
Currently, ETH trades at $2,820, unable to surpass the critical $3,000 level. A drop below the $2,800 support may trigger a move down to $2,500. Conversely, reclaiming the $3,000-$3,100 range could signal renewed bullish momentum and push prices towards $3,500.
Investors are monitoring key resistance and support levels as Ethereum approaches a decisive moment.
