ETH Soars Past $3K But Will the Sellers Come Back? – analysis by CryptoPotato
Ethereum’s price has faced challenges breaking below the critical $3K support region, with a recent bullish rebound driven by heightened demand near this level.
However, a substantial resistance region looms ahead, potentially halting the current momentum.
An analysis of the daily chart shows that Ethereum sellers have been attempting to push the price below the crucial $3K support region, which aligns with the 0.5 ($3133) and 0.618 ($2906) Fibonacci levels.
Despite these efforts, ETH recently experienced a bullish rebound due to significant demand around this key threshold, reaching the upper boundary of a multi-month descending wedge and the crucial 100-day moving average at $3.2K.
A sudden breach of this critical resistance zone could trigger a surge, with the next target being the $3.4K resistance region. However, the $3.2K resistance region has the potential to halt the upward momentum, as it includes a notable amount of supply. If a bearish rejection occurs, a plummet toward the wedge’s lower boundary becomes imminent.
