Ethereum recently faced rejection at Fibonacci (Fib) resistance but bounced at a critical Fib support level, signaling a potential bullish reversal.
In January, Ethereum’s price dropped around 23% amidst overall crypto market weakness.
The MACD histogram shows upward momentum.
Ethereum recently faced rejection at Fibonacci (Fib) resistance and trended downward. However, its price has now bounced at a critical Fib support level, signaling that the coin may turn bullish again soon. This rebound suggests investors might resume purchases, potentially lifting ETH out of its post-resistance decline.
Bear Cycle weighs on ETH in January
Last month, Ethereum’s price fell roughly 23% amid broader crypto market weakness. However, indicators now point to improving conditions that could reverse ETH’s fortunes in February.
For example, the monthly Moving Average Convergence Divergence (MACD) histogram sustains an upward trajectory. The MACD lines also remain crossed bullishly. Meanwhile, the n
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