Yigit Taha OZTURK 
The price of Ethereum (ETH) has experienced significant volatility in recent days. After plunging from $3400 to below $3000, ETH showed a strong recovery, climbing back to $3200. But what triggered this movement, and what key levels should investors watch next?
Ethereum’s Recent Price Action
Ethereum (ETH) recently dropped sharply from $3400, falling below the $3000 mark. However, it quickly found strong buying support at lower levels, leading to a swift recovery. The price rebounded and reached $3200, signaling the presence of a strong demand zone where buyers stepped in aggressively.
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This movement highlighted both short-term selling pressure and a key buying opportunity in the market.
Technical Analysis: Will Ethereum Continue to Rise?
Looking at the ETH/USDT 4-hour chart, we can observe Ethereum’s strong bounce after its sharp decline.
- Short-Term Moving Averages (Red, Orange, and Blue Lines): Ethereum is currently testing short-term moving averages. The 20 EMA (red line) and 50 EMA (orange line) are acting as resistance. A breakout above these levels is crucial for further upside momentum.
- Long-Term Moving Average (Blue Line): Breaking this level could pave the way for Ethereum to reclaim the $3400+ zone.
Key Support and Resistance Levels
- Support: $3100, $3000
- Resistance: $3250, $3400
Next Targets for Ethereum
If Ethereum holds above $3200, it may continue its rally toward $3400. However, if it fails to sustain above $3100, another retest of the $3000 support level could be imminent.
Investors should closely monitor these critical resistance levels and keep an eye on Bitcoin’s price action, as it could significantly influence Ethereum’s trajectory.
Ethereum has demonstrated a strong recovery after facing intense selling pressure. The ability to stay above $3200 will be a crucial factor in determining whether ETH can push higher. A breakout above $3250 could fuel further gains, while a drop below $3100 may trigger another correction.
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