Ethereum Price Prediction: Are Bulls Running Out of Steam?

Ethereum surpasses $3,000 but faces looming bearish pressure

• #Ethereum found support around $2,850 before surpassing the $3,000 resistance level.

• A recent correction extended the consolidation phase observed on the weekly chart, with price fluctuations occurring within the 50% to 61.80% Fibonacci levels.

• Currently, $ETH is encountering resistance from both the 50- and 100-day Exponential Moving Averages (EMA).

• #Ethereum  surged by 5% on Friday following responses from co-founder Vitalik Buterin to recent criticisms in the crypto community.

• Yesterday, $ETH attempted to breach the upper channel but failed, leading to a subsequent decline in price.

• According to Coingabbar Prediction, A breakthrough above the $3,200 barrier could propel Ethereum out of its bearish channel, potentially signaling an upward trend.

• However, failure to breach the channel might result in consolidation or a retracement towards the $3,000 mark, with potential support around $2,850.

KEY LEVELS :

RESISTANCE LEVEL : $3,200-$3,300

SUPPORT LEVEL : $3,040-$2,940

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