Ethereum Intitates a PullBack to $3,500
Ethereum (ETH) has declined by 2.5% this week to $3,896, mirroring broader crypto market trends where Bitcoin (BTC) remains stable at $100,400. Earlier this week, ETH experienced a sharp 12.7% drop to $3,484, triggered by the announcement of Alphabet's new quantum chip, Willow. While the direct impact of this news on Ethereum is limited, it exposed the vulnerability of the crypto market, which appears to be losing momentum following its recent rally.
Investors showed willingness to sustain an upward trajectory at $3,600, leading to a rebound from this level. However, the recovery stalled near the $4,000 resistance, which remains a formidable barrier for ETH. The inability to break above this level indicates weakening bullish momentum. A pullback toward $3,500 has already begun and is likely to persist, reflecting the fading appetite for significant upside in the current market environment.
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