Ethereum recently faced a notable decrease, witnessing a 6.80% drop in a span of five days, bringing its value down to $1,990. This downturn happened concurrently with Bitcoin's retreat to $36,000, leading to uncertainties about Ethereum's future direction. The profit-taking by significant Ethereum holders suggests a possible correction, while the introduction of a BlackRock spot Ether ETF could strengthen Ethereum's standing in the market.
According to Coingabbar Technical Analysis, In the last month, Ethereum has rebounded by 38.44%, ranging from $1,543 to $2,136. Despite this recovery, a closer look at the daily chart reveals a rising wedge pattern influencing ETH for the past 16 months. The price recently pulled back to $2,200 near the upper trendline, possibly to gather bullish momentum. To sustain upward movement, it needs to stay above $1,830 support for a potential 9% surge to $2,240. However, past patterns indicate a retest of the resistance trendline may lead to increased supply pressure, potentially triggering a significant correction to around $1,700.
KEY LEVELS :
RESISTANCE LEVEL : $2,030-$2,070
SUPPORT LEVEL : $1,940-$1,880
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.
