Ethereum’s Price Experiences Downward Correction After Defending $3,040 Barrier
Following a period of stability at the $3,040 level, Ethereum’s price has now entered a corrective phase, raising some concerns in the market. The hourly chart of the ETH/USD pair reveals the formation of a downtrend line, with resistance encountered at the $2,965 mark.
This development suggests that Ethereum’s short-term performance will be largely contingent on its ability to overcome these resistance levels. Investors and analysts are closely monitoring the situation, as the digital asset’s near-term trajectory could have significant implications for the broader cryptocurrency market.
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