Ethereum Price Prediction, Can Bulls Rescue ETH from Crucial Point
- Ethereum has demonstrated a sideways trading pattern for more than a month.
- Ethereum price experienced its third reversal at the $2,400 resistance, pointing to a significant supply zone.
- If Ethereum embarks on a bullish rally, it could encounter hurdles around the $2,300 and $2,400 levels.
Ethereum is struggling against $2,280 and $2,300 resistances.
According to Coingabbar Technical Analysis, Ethereum, mimicking Bitcoin, encounters resistance at $2,300, unable to break through.
The third reversal from the $2,400 resistance highlights a robust supply zone.
Facing difficulty surpassing the $2,300 resistance, ETH might experience a prolonged decline if it remains below.
Examining the daily timeframe, an upward trend is observable since surpassing the 50-day moving average and the descending channel.
ETH discovers support at $2,100 and the 38.2% Fibonacci retracement.
Numerous nearby support levels remain, providing a potential buffer to prevent the cryptocurrency from declining further.
The market's trajectory depends on the likelihood of a breakout from the present range.
KEY LEVELS :
RESISTANCE LEVEL : $2,260-$2,310
SUPPORT LEVEL : $2,190-$2,140
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
