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Here’s Why Ethereum Price Faces Sub-$3k Correction
The cryptocurrency market has been experiencing a rollercoaster ride lately, with most major assets witnessing significant price fluctuations. In the midst of this volatility, the Ethereum (ETH) price appears to be heading towards a possible correction, potentially dipping below the $2,900 mark.
According to recent on-chain data from Lookonchain, two major institutional players – Cumberland and Nexo – have collectively deposited over $435 million worth of Ethereum into centralized exchanges Coinbase and Binance in December. This massive transfer has raised concerns about potential sell-offs or trading activities that could accelerate a bearish market sentiment.
Ethereum’s chart setup is also hinting at a possible correction. A breakdown from a double-top reversal pattern, which occurred on December 19th, sets the stage for an imminent fall to $2,900 if the price fails to sustain above $3,500. This level of resistance serves as a critical threshold that could potentially reverse the downward momentum.
The current sustainability of ETH above this neckline is crucial in determining the future direction of the asset’s value. If buyers can maintain their dominance and push the price back above $3,500, there is a possibility that we may not see the expected correction.
Source: www.cryptonewsz.com
