Ethereum Faces Potential Breakdown: Is $3,200 Crucial Support?

Ethereum (ETH) is approaching a critical technical level, prompting questions about the future of its price trajectory. The cryptocurrency’s price has dropped by 11% over the past 24 hours and by 4% over the past week, with prices currently hovering around $3,130. This decline raises concerns as analysts closely monitor the strength of support at this key zone. The weekly 50 EMA acts as a crucial indicator in determining whether ETH can hold or continue to fall.