#Ethereum is encountering resistance at $3250 and $3280, struggling to break through.
Currently, $ETH is holding firm at the $2850 support level, similar to Bitcoin's stability around $60000.
Ethereum's trajectory has mirrored Bitcoin's, with both confined within a descending parallel channel post-rejection at yearly highs.
The recent correction has prolonged the consolidation phase on the weekly chart, within the 50% to 61.80% Fibonacci levels.
On the daily chart, #Ethereum briefly fell below $2900 but rebounded from the 50% Fibonacci level.
A potential smart recovery might occur if bulls maintain the 50% Fibonacci level and the $2850 support, possibly testing resistance at $3280.
According to Coingabbar Prediction, Conversely, if bears dominate and breach the 50% Fibonacci level, panic selling could drive prices down to the $2700-$2450 range.
KEY LEVELS :
RESISTANCE LEVEL : $3000-$3,080
SUPPORT LEVEL : $2,860-$2,780
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
