#Ethereum struggled to surpass key resistance levels at $3250 and $3280.
Initiating a downward trend, it broke the $3200 support level, entering a short-term bearish phase, mirroring Bitcoin's movement.
Subsequently, $ETH dropped below $3100 and is presently consolidating its losses.
The recent correction has prolonged the consolidation phase on the weekly chart, constrained between the 50% and 61.80% Fibonacci levels.
Despite encountering rejection at the 50% Fib level, maintaining a position above $3000 suggests a potential bullish breakout.
Currently trading below $3100, #Ethereum shows an intraday Doji candle, reflecting indecision in the altcoin market.
A bullish resurgence could propel Ethereum above the $3280 resistance level, presenting a breakout opportunity with a target of $4000, indicating a potential 25% surge.
According to Coingabbar Prediction Conversely, while the likelihood of a drop to $3000 is minimal, it remains a point of concern and requires vigilant monitoring.
KEY LEVELS :
RESISTANCE LEVEL : $3,150-$3,200
SUPPORT LEVEL : $3,050-$2,950
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
