Ethereum Price Falls Below $2,000 as It Touches 300-Week Moving Average

Ethereum has fallen below the $2,000 mark following a market correction. This dip has affected investor sentiment and could lead to a further decline or a potential rebound.

Ethereum touched the 300-week moving average for the second time, the first being in June 2022 during a major market crash.
The last instance led to a recovery with Ethereum gaining over 140% in eight weeks after bouncing from this level.
Current analysis indicates that despite bearish short-term sentiment, the 300-week moving average serves as a crucial support zone.
The price target for a rebound is estimated between $2,900 and $3,200, depending on how Ethereum reacts to current levels.
Ethereum is currently trading at $1,907, down 5.82% in the past 24 hours.

A close below the 3M Bollinger bands around $2,000 may pose risks for Ethereum's future performance.