Under Ethereum price fall 28% face key support test

The price of Ethereum has fallen 28% and is now holding the key support level of $2,850 within the descending channel. This trend suggests that Ethereum will show a broader downward trend, with the latest data showing that Ethereum is worth $2,915. Technical indicators suggest that Ethereum may fall below this support level, and key momentum indicators such as RSI and MFI are below neutral, suggesting that the selling is faster than the increase in holdings. The Elder-Ray index and the Parabolic SAR indicator also confirm the falling trend. If Ethereum fails to hold the support level, it could fall to the $2,600 level, but if the support level holds, it is possible to rebound above $3,000.

ETH-4.43%
RAY-6%
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