In the wake of a positive trading day in the market, Ethereum finds itself caught in a mild bearish trend. While the industry aims for stability and Bitcoin demonstrates trading gains, Ethereum has veered off course, trading 1% lower. Following a forceful rejection from the 100-day moving average, Ethereum underwent a swift decline, eventually seeking support at the pivotal 61.8% Fibonacci retracement level.
According to Coingabbar Price Analysis, Ethereum faced challenges in surpassing the $1,600 mark against the US dollar and is now struggling to hold above the $1,550 support level. Looking at the 4-hour chart, there's a noticeable period of consolidation in the form of a descending wedge pattern. This consolidation is bounded by the key support at $1,500 and the notable resistance at $1,700.
After a recent downward move that touched the lower boundary of the wedge, ETH found support and experienced a minor bounce. Additionally, on the chart, Ethereum's price is within a symmetric triangle pattern, which, when broken on either side, could trigger a new rally.
KEY LEVELS :
RESISTANCE LEVEL : $1,610-$1,660
SUPPORT LEVEL : $1,550-$1,500
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
