Why Ethereum won’t be able to keep $3000 support

What's in this article

Ethereum tested the price level of $3000 after October 1st and entered an oversold situation. Will Ethereum be able to keep $3000 support?

Ethereum price today is $3,039.16 USD with a 24-hour trading volume of $13,206,995,479 USD. Ethereum is down 2.26% in the last 24 hours, with a market cap of $361,968,503,678 USD. It has a circulating supply of 119,101,632 ETH coins.     

Source: Tradingview

Ethereum: Analysis

Due to the current oversold situation, Ethereum might get some new buyers. The support of $3000 is strong but not strong enough to stand the situation when Bitcoin plunges. Ethereum is currently holding the support level of $3089, fib 1.272. The next support zone for Ethereum is right above $2600, fib 1.618. On the daily chart, Ethereum has first resistance at EMA 100 near $3591.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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