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.
Technical Analysis
By Shayan
The Daily Chart
A comprehensive analysis of the daily chart reveals a prevailing bullish sentiment surrounding Ethereum, with the price briefly surpassing the critical and psychological resistance at $4K.
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 ($3,190) and 0.618 ($2,972) Fibonacci retracement levels.
As previously noted, this price range attracts significant demand, leading to heightened buying pressure. Consequently, the price found substantial support in this crucial region, triggering a
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