(MENAFN- Daily Forex)

• Ethereum continues to struggle around the $3,300 level, with momentum heavily tied to Bitcoin's performance.
• A breakdown below $3,000 could trigger further weakness towards $2,500, while a recovery above the 200-day EMA might target $4,200.

Ethereum has had another negative session on Thursday as we continue to hover around the $3,300 level. It's worth noting that Ethereum faces a significant challenge in that it is largely driven by Bitcoin, which itself has been struggling as it moves around the $100,000 level. It makes sense, then, that Ethereum finds itself somewhat sideways as well, as it often takes its cues from Bitcoin, and that should continue to be so.

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All things being equal, the $3,000 level underneath should offer plenty of support, and of course, there is strong psychological interest there since we've seen previous action around that figure. Large round numbers tend to attract attention, and we remain well below the 200-day EMA. At this point, it's worth noting that the most active trading days recently have been negative. While volume has slowed somewhat, it remains lackluster, suggesting weak conviction in the market. This is something worth watching at this point. Ethereum will typically lag Bitcoin, and this will continue to play out as well. I see no real way that this changes anytime soon.

If Ethereum breaks down below the $3,000 level, it could start to fall apart, perhaps heading down to the $2,500 area. On the other hand, if we can manage a bounce and break above the 200-day EMA, the next target could be the $4,200 level. Ultimately, however, Ethereum will likely need Bitcoin to show real strength to the upside before it can truly take off. If it does, the other crypto markets will likely be following this overall attitude.

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