Ethereum Price Prediction, ETH Support Holds the Key to Revival
- Ethereum experiences a recovery following the losses from Wednesday's flash crash, driven by speculation surrounding the potential approval of a spot ETF.
- The pivotal question remains: Can Ethereum uphold the $2,150 support and successfully breach the $2,450 level amidst ongoing speculations?
ETH finds support at $2150 but struggles to break $2300.
According to Coingabbar Technical Analysis, Ethereum initiated a recovery wave above the $2,200 level, aligning with Bitcoin's movement.
However, ETH failed to surpass the $2,300 resistance, encountering bearish pressure around this level and the 100-hourly Simple Moving Average.
Currently, ETH is hovering near the lower trendline of the Ascending Channel pattern.
ETH is currently within the Bearish Flag Pattern as observed on the 4-hour chart.
A potential scenario involves a fresh decline if the price remains below the $2,300 resistance zone.
ETH is displaying bearish indicators, raising concerns about a revisit to the $2,150 support level.
KEY LEVELS :
RESISTANCE LEVEL : $2,300-$2,350
SUPPORT LEVEL : $2,210-$2,150
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.
