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

Ethereum is currently trading at $3,473, showing a modest gain of 1.69% but still far from its August peak. Prediction markets offer mixed signals, with some predicting a drop to $2,500 while others suggest a potential rise to $4,000 by year-end. The cryptocurrency market is experiencing a decline, particularly as Bitcoin's market share reaches 60%, causing volatility among altcoins like Ethereum. Currently, ETH is battling a key support level at $3,400, and trends indicate a bearish sentiment with an RSI of 41.46, pointing to ongoing selling pressure. Furthermore, multiple technical indicators suggest that a bearish trend may be gaining momentum. Despite whale accumulation worth $6.4 billion, the overall bearish alignment of indicators—from ADX to volume profiles—implies that a significant drop could occur, potentially testing support levels as low as $2,500. Observers maintain that a bullish breakthrough through $3,600 could open up paths for recovery, but the prevailing indicators lean towards a bearish outlook in the short term.

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