Ethereum Price has experienced a bullish trajectory over the past four months, marking an impressive 78% growth.
The expanding channel's integrity suggests that the recovery of ETH price may persist.
The market participants seem to have taken notice of this pattern structure, as ETH coin price has rebounded at least three times from both trendlines.
Ethereum encountered difficulty in advancing beyond the $2,600 and $2,620 levels, hindering its upward momentum.
Following this, ETH saw a reduction in gains and could face challenges in maintaining a position above the critical $2,500 support zone.
In the event of a falling coin price, potential demand pressure is expected at $2430 and $2300 support levels.
Anticipating a rebound, ETH price is likely to surge from the lower trendline, aiming to surpass $2700 and ultimately target the $3000 mark.
The weekly analysis using Fibonacci Retracement indicates forthcoming Ethereum price prediction around $3,100.
KEY LEVELS :
RESISTANCE LEVEL : $2,560-$2,620
SUPPORT LEVEL : $2,450-$2,400
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