Ethereum follows exactly the Bitcoin price movement. After the bulls failed to keep the price of Ethereum above $3500, it began a rapid decline. In three days, the ETH/USD pair dropped below the levels of 3400 and 3200. The pair dropped below the psychological level of $3000 and reached a minimum of $2803. However, the bulls managed to save the price of Ethereum from further decline.
Today the ETH/USD pair is showing a recovery. The pair managed to rise above $3000 and even tested the mark of 3100. However, the ETH/USD pair could not overcome the level of 3100. At the time of publication, the ETH/USD pair is trading around 3025 dollars in a downtrend. The downtrend line limits the price movement in the area of 3080-3100. This area is a key area for the ETH/USD pair.
A close above the level of 3100 will mark the beginning of a recovery in Ethereum’s price. In this case, the ETH/USD pair may reach $3300 soon.
If the bulls fail to keep the Ethereum price above $3000, it could start another decline. In this case, the ETH/USD pair will meet the immediate support of around $2960. The next support level is the level of 2900. A breakout of this level could bring the ETH/USD pair to the area of 2800.