Ethereum found support around $2,850 before surpassing the $3,000 resistance level.
A recent correction extended the consolidation phase observed on the weekly chart, with price fluctuations occurring within the 50% to 61.80% Fibonacci levels.
Currently, ETH is encountering resistance from both the 50- and 100-day Exponential Moving Averages (EMA).
Ethereum (ETH) surged by 5% on Friday following responses from co-founder Vitalik Buterin to recent criticisms in the crypto community.
Yesterday, ETH attempted to breach the upper channel but failed, leading to a subsequent decline in price.
According to Coingabbar Prediction, A breakthrough above the $3,200 barrier could propel Ethereum out of its bearish channel, potentially signaling an upward trend.
However, failure to breach the channel might result in consolidation or a retracement towards the $3,000 mark, with potential support around $2,850.
KEY LEVELS :
RESISTANCE LEVEL : $3,200-$3,300
SUPPORT LEVEL : $3,040-$2,940
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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