Ethereum which is considered as one of the stable assets, also experienced a notable pullback since the ear;y trading hours. The asset ever since lost the $4000 levels never appeared desparate to regain its lost position.
Yet always preferred to have a calculated approach to achieve the upper target. However, the recent crash dragged the price towards the crucial levels, breaking which may be quiet worrisome.
ETH price ever since smashed its highs beyond $4700, consolidated well above $4000. Despite a couple of plunges, yet the price remained relatively above these levels.
However, since the last few days of 2021, the asset began with a downtrend which squeezed the price to some extent. Yet none of them believed the bearish trend would continue to drag the price below where-in $3000 levels also appear under threat.
The ETH price is currently heading to test one of the crucial support levels around $3200. No doubt the asset is leaving no stones unturned to flip the bearish trend.
A trend reversal could be in place at these levels, but would have been a short-lived one. If in case ther price fails to sustain at these levels, then the next lower support around $3039 may be pretty strong.
Here the possibilities of the asset attracting new trades may get intensified as any levels around $3000 is a huge buy zone.
A huge influx of liquidity is expected here as the traders always jump to grab the asset at the discounted price. And eventually the Ethereum(ETH) price may range high, yet the $4000 target levels appear to be a little distant at the press time.
Source: https://coinpedia.org/price-analysis/ethereumeth-price-heading-towards-the-crucial-support-levels-is-this-the-perfect-buy-zone/