According to CryptoPotato, analyst Shayan's technical analysis shows that after a rapid decline, Ethereum has found support in an important area, which includes the 100-day moving average and the key price range between the Fibonacci levels of 0.5 and 0.618. Therefore, a bullish rebound is expected in the medium term.
The daily chart reveals a long period of corrective pullback, with the price eventually finding support at a key area. This area includes the 100-day moving average at $3,050 and the important price range between the 0.5 ($3,190) and 0.618 ($2,972) Fibonacci levels. The importance of this range is that it attracts a lot of demand, which could prevent further downward pressure from the market sellers.
Moreover, a small bullish divergence between the price and RSI indicators hints at the possibility of a bullish recovery with the goal of retaking the $3.5K threshold. However, despite the bullish signs, an unexpected breakout of this critical support area could trigger a waterfall effect towards the 200-day moving average at $2.5K.