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  • Ethereum price might be heading for a 15% fall to $2,472, following a bearish chart setup.
  • The alt might discover and test several defense lines before attaining the pessimistic target.
  • Ether bulls should target value regions beyond $3,020 to cancel ETH’s bearish picture.

Ethereum risks further downswings after the leading alt plummeted under a crucial defense line and the governing technical setup’s lower limit around $2,944. The primary chart pattern indicated a bearish target, bears contemplating a 15% decline to $2,472.

ETH Price to Navigate Several Support Zones

Ethereum (ETH) sliced under the climbing wedge pattern’s lower boundary, revealing a pessimistic target of $2,472. ETH’s initial defense line stands at 38.2% FIB retracement zone near $2,855. More footholds might appear neat the 50 12hr Simple Moving Average at $2,772, then the 50% retracement area around $2,722.

Persisting selling momentum may see Ethereum’s price falling towards the Momentum Reversal Indicator’s support zone at $2,672. Intensified bearish sentiment might send ETH price lower to 61.8% FIB retracement mark near $2,589, the last ETH’s defense line before the altcoin attains the bearish aim of $2,472.

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Nevertheless, a surge in buying momentum will see ETH targeting the $3,020 mark next. Meanwhile, the 21 12hr Simple Moving Average and 23.6% FIB retracement area coincide at this zone. Increased buy orders might push the crypto high to 100 12hr Simple Moving Average of $3,134, then the MRI’s resistance zone around $3,357.

Higher aspirations might eye the 200 12hr Simple Moving Average around $3,698. However, this move will require a sentiment shift to bullishness.

For now, Ethereum’s price reflects bearishness that dominates the overall crypto spectrum. The meme coin lost grounds after Bitcoin failed to overcome the $45K zone. ETH bears seem dedicated to taking the altcoin lower by 15% to explore the $2,472 value zone. However, the token will discover multiple defense barriers before hitting the bearish target. Meanwhile, bulls can cancel the pessimistic narrative with a leg up past $3,020.

While publishing this blog, Ethereum changed hands around $2,918.87. Broad market sentiment remains essential for ETH’s directional trends.

Stay tuned for upcoming crypto market updates.

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Franklin Smith

By Franklin Smith

Franklin Smith is a Senior Crypto Journalist and Analyst at Herald Sheets, with over seven years of experience in the cryptocurrency and blockchain industry. Known for his insightful articles and in-depth analysis, he is an influential voice providing valuable insights to investors and enthusiasts. Franklin holds a bachelor's degree in Journalism and Communications from the University of California, Berkeley.