Summary
TLDR: Ethereum price has bounced back, but profit-taking by investors may hinder further growth. Selling pressure is increasing, with over $1.36 billion worth of ETH sold in the last ten days. If profit-taking continues, the price may decline to find support at $3,336 and $3,031. However, if ETH manages to flip the 61.8% Fibonacci Retracement line at $3,830 into support, it could reignite the rally.
Key Points
1. Ethereum (ETH) price bounced back this week from the lows of $3,100, reigniting hopes of new highs for the altcoin.
2. However, the inclination of ETH investors toward realizing profits might impede this process.
3. Ethereum’s price increased to $3,642 at the time of writing, and in doing so, it brought investors back on the network. However, their actions are not in line with the expectations.