ETH faces risk of long-term decline if it fails to hold $3,500 support

Ethereum (ETH) could enter a long-term downtrend if it fails to hold the $3,500 support level, according to an analysis by U.Today. The cryptocurrency is currently struggling, having fallen below its 100-day moving average for the first time in about five months. U.Today noted that the market took a significant hit following cryptocurrency crashes on Oct. 11 and the preceding day. While this cleared out excessive leverage, it also broke short-term market momentum, leaving ETH vulnerable to further declines. From a technical perspective, the outlet identified $3,500 as the next major support level, which aligns with the 200-day moving average. A break below this level could set the next price target at $3,000. The analysis added that although a short-term rebound above $3,500 is highly possible, the overall market mood remains defensive. Without a swift return of buying pressure, a shift into a long-term downtrend appears inevitable.