**Ethereum Clings to $3,200 Amid Growing Risk of a Deeper Decline Toward $2,700**
Ethereum (ETH) was trading at $3,230.44, experiencing a daily loss of 4.91% and a 7-day decline of 15.80%. The price remains just above a crucial support zone between $3,100 and $3,200—a level that has held firm several times in recent weeks. However, the overall market shows signs of weakening momentum.
Ted commented, “The demand has gone down, so it’ll be very hard for prices to hold up.” If this support zone breaks, Ethereum could move toward lower areas that have been identified on multiple charts. Potential support levels to watch include $3,035, $2,975, and $2,855.
### Resistance Capping Upside Moves
Ethereum has struggled to reclaim ground above $3,500, where multiple rejection points have occurred. The range between $3,500 and $3,760 remains a significant resistance zone, limiting any meaningful price recovery since late October.
Unless ETH manages to break above $3,700, the downtrend is likely to continue. Current price action is characterized by lower highs, indicating ongoing selling pressure and cautious sentiment among traders.
### Long-Term Trendline Still Active
A long-term ascending trendline visible on the weekly chart has supported Ethereum since early 2022. This trendline now aligns closely with the 0.618 Fibonacci retracement level, which sits near $2,700. This area is gaining attention as a critical zone if Ethereum breaks below the $3,100 support region.
Kamran Asghar noted the importance of this confluence, stating that hitting the long-term trendline and the 0.618 Fib around $2,700 has historically been a turning point where buyers have stepped in during broader market corrections.
### Traders Eye $3,200-$3,800 Range
A trading plan shared by TheLordofEntry suggests managing positions within a key range between $3,200 and $3,800. The setup recommends a long position near $3,200 and a short position around $3,800, based on previous price behaviors and Fibonacci retracement levels.
At the current price near the lower end of this range, if $3,200 holds as support, a rebound might follow. If it fails, traders will likely focus on the $2,750 area next.
### Outlook
Until there is a meaningful increase in demand or a break above the $3,700 resistance level, Ethereum may continue to trade within this wide $3,200 to $3,800 zone. Market participants are advised to watch these key levels closely and prepare for potential downside moves if supports fail to hold.
https://bitcoinethereumnews.com/ethereum/eth-struggles-at-3300-is-a-drop-to-new-lows-next/