Ethereum — That Was A Last-Minute Rescue 🚨
Yesterday's bloodbath ended with a sign of hope for Ethereum. The bulls waited for the last 4H candle to step in, preventing ETH from facing even more downtrend pressure—at least temporarily.
Finally, Ethereum closed above the 3.2k level. This level had previously served as smaller support and did the same yesterday. Moreover, it can be considered as the last support level above the essential 2.8k level.
A daily candle close below the 3.2k level would have triggered more downside potential and increased the chances of revisiting 2.8k.
Thankfully, this didn't happen, and ETH closed above.
Is the storm over? The Ethereum chart doesn't provide a clear answer to that question. However, Bitcoin seems to help us in this case. It has recovered much stronger and quickly and sent the necessary support to ETH.
Therefore, based on the Bitcoin chart, we are done with this correction!
