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Key Takeaways
- Despite trading below its 50-day and 200-day EMAs, the price of Ethereum remains in a safe zone as bulls dominate the price.
- Altcoins face another downtrend price dump as Bitcoin struggles to hold its price above the key support zone of $92,500.
- Ethereum’s price looks strong as it aims to bounce quickly from its support zone in the coming days.
Amid the ongoing crypto market crash, Ethereum bulls have protected its psychological support level of $3,000. The price has traded around this region in the past, rallying high to $3,700.
Despite the crypto market not looking good and Bitcoin’s extended price retracement to the region of $92,500, EthereumEhtereum’s (ETH) price has shown great strength as the price looks strong to hold and trade above its key support zone of $3,000.
Ethereum’s price dropping lower than $3,000 could lead to a price drop for altcoins and activation of more long liquidation, as the ETH price would most possibly trade around $2,700 to $2,500 if bulls fail to protect $3,000.
Altcoins Performance So Far
The cryptocurrency market has been experiencing market retracement for more than 24 hours, and altcoins have been on the receiving end, with some seeing over 30% retracement. While some altcoins have suffered more, some have shown much strength and are holding pretty well.
The likes of DOGE, SUI, ADA, SOL, and COOKIE have all shown incredible strength despite Bitcoin tumbling from a high of $102,000 to a region of $92,000 over $10,000 lost within 24 hours as altcoins continue to struggle.
If Bitcoin’s price bounces from its key support of $92,500, we could see these altcoins rally fast, as they have remained strong despite market uncertainty. Ethereum’s price continues to hold strong above $3,250, which is good for altcoins, as the price would be looking to rally high as the market bounces from its current price point.
Ethereum (ETH) Price Analysis For Today
Source – ETH Price Chart From TradingView
The price of Ethereum failed to sustain the bullish breakout it had previously formed above $3,500 as the price of Ethereum was swiftly rejected from its high of $3,700 following the Bitcoin price dump as price trades below $3,300 acting as a minor support for Ethereum price.
With the price of Ethereum suffering from a bear sell-off, it fell below $3,300, trading below its support, which corresponds with the 50-day and 200-day EMAs, which are holding the price from going low.
With the price of Ethereum looking strong above its major support of $3,250, we could see a price rally to the upside from this region. If the price of Ethereum fails to rally high, we could see a price drop lower, but from its current price action, bulls are firmly protecting its price from trading lower than $3,000.
Based on the current price action, here is a good buy area for Ethereum, as the price could rally to the upside as the market gains some price recovery in the coming days.