Crypto Blog
Following a notable rejection at the substantial $4K price level, Ethereum underwent a corrective phase, experiencing a significant 25% decline. However, as the price neared the significant support of the 0.618 Fibonacci level, a rebound occurred, suggesting the potential for an impulsive surge.
However, upon reaching this crucial level, the price encountered intensified selling pressure, resulting in a significant retracement towards the substantial support zone, delineated by the price range between the 0.5 and 0.618 Fibonacci retracement levels. Nevertheless, Ethereum’s downtrend was halted upon approaching the crucial and psychological support region at $3K, initiating a sharp bullish reversal. Currently, the price faces two significant milestones:However, it’s essential to acknowledge that Ethereum is expected to enter a short-term consolidation stage within this key range and ultimately find support in the medium term, continuing its overall upward trajectory.
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