Summary
TLDR: Ethereum price correction to $2,845, finding support at 0.382 Fibonacci level around $3,107. Potential bullish rebound if maintains support, but could drop to $2,500 if support fails. MACD lines bullish, RSI neutral. Mixed signals on daily chart with resistance at 50-day EMA and $3,324. Death cross formation on 4-hour chart suggests short-term bearish trend. Against Bitcoin, Ethereum facing resistance at 0.049 BTC, potential return to support at 0.043 BTC. Always conduct own research before making financial decisions.
Key Points
1. The Ethereum price is currently undergoing a notable corrective movement, having corrected to approximately $2,845 in recent days.
2. A month ago, BeInCrypto suggested that significant support levels were around $3,215 at the 50-day EMA and between $3,107 and $3,215 at key Fibonacci levels. This range presented a favorable opportunity for Ethereum to experience a bullish rebound.
3. In the monthly chart, Ethereum’s price remains positioned near the 0.382 Fibonacci support level. A potential bullish scenario entails a monthly close above this level, signaling positive momentum for the cryptocurrency. However, failure to maintain this support could lead to further downsides, with significant Fibonacci support of around $2,500.