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Ethereum Price at $3,000: Can Support Prevent Further Losses?


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Ethereum price today trades around $3,200 after failing to hold gains above $3,450, initiating a correction similar to Bitcoin's as per Coinpedia Markets.

Ether price initially slipped below the $3,250 and $3,120 support levels, eventually testing the $3,000 zone, with a low formed at $3,031. Ethereum now faces resistance near $3,120 and $3,200 levels, below the 100-hourly Simple Moving Average, as it seeks to reclaim lost ground.

The key resistance for ETH/USD lies around $3,265, near the 76.4% Fib retracement level from the $3,340 high to the $3,031 low. A clear move above $3,265 could propel Ethereum price towards $3,320, and potentially $3,450 in a bullish scenario.

However, failure to break above $3,200 may lead to more losses, with support at $3,040 and a critical threshold around the $3,000 level. Further downside could bring ETH close to $2,880 or even $2,740.

On-chain data reveals mixed signals: while ETH ETFs have accumulated $796.2 million in six days, significant staking outflows totaling over $300 million in the last 48 hours could create selling pressure. Large transactions (over $100,000) have surged past 10,000 daily, with exchange reserves trending upwards.

A new whale address, amassing over 18,000 ETH (roughly $57.8 million), highlights confidence in the long-term Ethereum prediction. Nevertheless, breaking through the $3,500 technical resistance remains essential for bullish momentum.

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