Ethereum Hanging On to the $3000 Area -
The hammer during the trading session on Monday has been a nice marker for support, and the fact that we have turned around and recovered the $3000 level is a very good sign. The 50 Day EMA and the 200 Day EMA are both slicing through the candlestick and going flat. Ultimately, this is a market that I think will continue to see a lot of noisy behavior, but if we can hang on to this $3000 level, it would be a very bullish sign.
Ultimately, this is a market that has had a nice run higher, a 50% pullback from the last rally, and now looks as if it is trying to continue that overall move. The market breaking down below the bottom of the hammer on the Monday session would be negative, opening up the possibility of a drop to the $2750 level, maybe even the $2500 level. The $2500 level has been massive support multiple times, and therefore it makes sense that we would see that area offer a significant support barrier if we drop down to that region. If we were to break down below the $2500 level, then it is very likely that Ethereum could drop down to the $2000 level.
In general, this is a market that I think will continue to be very choppy and noisy but is trying to do everything it can to recover. As things stand right now, I do think we have a good chance, but one long negative candlestick could change things rather rapidly.
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