Ethereum recently found stability at the $3K support region after facing substantial selling pressure, leading to a consolidation phase.
A golden cross on the daily chart further signals the potential for a mid-term bullish rebound, suggesting optimism in the market’s outlook.
Technical Analysis
By Shayan
The Daily Chart
Ethereum’s price action has been marked by increased volatility, particularly after its rejection at the $4K resistance level. This decline pushed the asset below the crucial $3.5K threshold, ultimately finding strong support at the $3K zone. This level holds considerable significance due to the confluence of demand and the alignment of the 100-day and 200-day moving averages.
On the other hand, the emergence of a golden cross, where the 100-day MA has crossed above the 200-day MA, further emphasizes a potential shift toward bullish sentiment. However, Ethereum remains confined below the $3.5K resistance, requiring a decisive breakout to catalyze a new upward trend. A successful breach could set the stage for a rene#JanuaryTokenUnlocks #CryptoETFMania $ETH
wed rally.