As reported by CryptoPotato, Ethereum’s price has encountered resistance while trying to break through the key $3,000 support area, causing the price to fluctuate slightly within a narrow and critical range. However, a new bull run is expected in the medium term, driven by emerging demand. Technical analysis by analyst Shayan shows that Ethereum has been struggling while trying to break through the key $3,000 support area, with the price being confined to a tight range. This important range is defined by the 0.5 ($3,133) and 0.618 ($2,906) Fibonacci levels, which align closely with the key 100-day moving average. This alignment indicates that there is a large amount of demand around this critical threshold. Recent price action suggests that demand may have increased, signaling the possibility of a strong bull rally. However, a sudden breakout of this key support zone could trigger a cascading effect, with the next support target in the $2,500 area and the 200-day moving average at $2,600.
