Moon or Doom: Will Ethereum Defy Bitcoin Drop and Bearish Signals?

Ethereum is currently trading at $3,473, showing a 1.69% increase today. However, prediction markets present contradictory outlooks regarding its future value. While there's notable whale accumulation, with $6.4 billion invested recently, technical indicators suggest a potential downward trend. The Fear & Greed Index, which indicates market sentiment, remains low at 24. Ethereum is at a critical support level of $3,400, and several indicators including the Relative Strength Index (RSI) and Average Directional Index (ADX) reflect bearish trends. While a bullish scenario could emerge if ETH surpasses its resistance around $3,600, the likelihood of a decline to around $2,500 seems more probable given the current bearish alignment in various indicators. Notably, the upcoming Fusaka upgrade may provide positive momentum if market conditions improve. Traders should pay close attention to key levels: immediate resistance at $3,600, support at $3,400, and strong support around $2,800.

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