Ethereum Price Analysis: Will ETH Charge Toward $3.5K or is Another Crash Incoming?

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Ethereum has recently faced a notable rejection and experienced a 13.3% decline after breaking above the 100-day moving average.

A close examination of Ethereum’s daily chart reveals that after breaking out above the critical 100-day moving average at $3,354 and a brief period of consolidation, it experienced a significant rejection, resulting in a 13.3% drop.Despite this, Ethereum has landed on a significant support region centered around the 200-day moving average at $3.2K.

However, the overall price action indicates the presence of sellers in the market, with the price oscillating between the dynamic support of the descending trendline and the critical resistance region at $3.3K.

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