Ethereum Price Prediction: Will Bulls Hold the 50% Fibo Line

Ethereum rejected at 50 Day EMA, leading to downward trend

• #Ethereum is encountering resistance at $3250 and $3280, struggling to break through.

• Currently, $ETH is holding firm at the $2850 support level, similar to Bitcoin's stability around $60000.

• Ethereum's trajectory has mirrored Bitcoin's, with both confined within a descending parallel channel post-rejection at yearly highs.

• The recent correction has prolonged the consolidation phase on the weekly chart, within the 50% to 61.80% Fibonacci levels.

• On the daily chart, #Ethereum briefly fell below $2900 but rebounded from the 50% Fibonacci level.

• A potential smart recovery might occur if bulls maintain the 50% Fibonacci level and the $2850 support, possibly testing resistance at $3280.

• According to Coingabbar Prediction, Conversely, if bears dominate and breach the 50% Fibonacci level, panic selling could drive prices down to the $2700-$2450 range.

KEY LEVELS :

RESISTANCE LEVEL : $3000-$3,080

SUPPORT LEVEL : $2,860-$2,780

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