Ethereum Faces Potential Price Drop Amid Weakening Buyer Momentum

The Ethereum (ETH) 4-hour chart indicates potential risks as the price remains near a critical support zone after a period of sideways trading.

Key Points

Ethereum has been consolidating above a key support level around $3,260, but momentum is weakening.
Repeated tests of the same support area suggest a vulnerability to further declines.
If ETH falls below the current support zone, it could drop to the next range between $3,209 and $3,221, indicating a potential 3% decline.
Currently, ETH has dropped to $3,200, below the initial expected breakdown target, signaling weakened upward momentum.
Analyst Tyrex suggests a "wait-and-see" approach; if ETH holds above $3,230, there might be a shift toward a cautiously bullish outlook.
Stabilization above this level could lead to potential gains towards $3,420.

Ethereum

Investors should monitor these levels for potential shifts in Ethereum's price direction.