WHAT HAPPENED WITH ETHEREUM?

Ethereum Faces Potential Continued Decline Amid Consolidation Phase

According to CryptoPotato, Ethereum has entered a consolidation correction phase, retracing towards the broken lower boundary of the multi-month wedge. This move indicates a potential pullback to previously broken levels, indicating a possible continuation of the bearish trend in the coming days.

A closer examination of Ethereum's daily chart shows that the cryptocurrency has entered a corrective phase, with price action signaling a potential pullback towards the lower boundary of the broken wedge at $2.8K. After finding support near the key $2K level, ETH initiated a bullish retracement, moving back towards this key resistance zone. However, this area is likely filled with supply, leading to increased selling pressure. If the cryptocurrency fails to break above $2.8K, it will confirm the completion of the pullback, indicating a continuation of the initial bearish trend. Key levels to watch this week are $2.8K resistance and $2K support$ETH

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