Ethereum Forms 1-Hour Symmetrical Triangle Amid Price Decline

Ethereum has seen a decline of over 16% since January 6, with current trading around $3,113 after a recent 6% drop. Investors are cautious as ETH tests critical support levels.

Technical analyst Carl Runefelt indicates ETH is forming a symmetrical triangle pattern on the 1-hour timeframe, suggesting an imminent price move.
A breakout above $3,500 could restore investor confidence and attract new capital.
If ETH fails to hold above the $3,000 level, deeper corrections may occur.
Current price testing the daily 200 EMA, which may indicate direction for future movement.
The market is under bearish pressure, with Bitcoin holding key support while altcoins struggle.

Investor focus remains on Ethereum's next moves, which will influence broader market sentiment.