Ethereum (ETH) Price Analysis: ETH Failed to Breach $3,000, Targeting $2,300 If the Crash Continues

Ethereum's recent attempts to break through the $3,000 mark have been unsuccessful, keeping it tied closely to Bitcoin's price movements.

Ethereum's recent attempts to decouple from Bitcoin's price movements have hit a roadblock, as the second-largest cryptocurrency failed to break through the critical $3,000 price level.

Ethereum Price Analysis: ETH Failed to Decouple from BTC

After a brief rally that saw gains of over 10%, Ethereum's momentum stalled as it encountered strong resistance at $3,000. This failure to continue the upward trend has left ETH struggling to gain the momentum needed for a significant rally.

As a result, Ethereum's price action is expected to continue moving in tandem with Bitcoin's price. This close correlation could amplify any upcoming moves, whether to the upside or downside.

ETH/USD 1-hour chart - TradingView

Ethereum Price Today: Critical ETH Price Level

Ethereum's price is currently hovering around $2,500, a crucial level that could determine the next directional move for the cryptocurrency.

If this level fails to hold against the selling pressure, it could lead to further declines. However, if ETH manages to find support at $2,500, it may pave the way for a potential rebound.

Ethereum's ability to sustain itself above this critical price point will be closely watched by traders.

ETH Fear and Greed Index Points to Extreme Fear

According to the latest Fear and Greed Index for Ethereum, the metric currently stands at 20, indicating "Extreme Fear" among investors.

This reading suggests that the majority of traders are pessimistic about ETH's price performance, anticipating further declines.

However, such readings have historically marked potential turning points in an asset's price trend.

ETH Fear and Greed Index - Alternative.me

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