ETH Dips Below Support, But Will It Bounce Back? 🥊

#Ethereum experienced a recent price drop, breaking below a key support level and retesting it afterwards. Currently, the price seems to be finding some support around $3420. This volatility can be attributed, at least in part, to recent fluctuations in $BTC price.

Here's a breakdown of the situation:

Support Breach: #ETH dipped below a previously established support zone.

Retest and Potential Support: The price then returned to test the broken support level, which could now act as a new resistance zone. However, it's also possible this retest signifies a potential support level at $3420.

#BTC Volatility as a Catalyst: The recent ETH price movement seems to be somewhat linked to Bitcoin's volatility.

Looking Ahead:

If Bitcoin finds stability within a specific range, we might see a relatively quick recovery for ETH. However, the overall market sentiment and additional factors will also influence ETH's price trajectory.

What's Your opinion on this❓