Crypto Blog
Ethereum has entered a consolidation correction phase, retracing back toward the broken lower boundary of the multi-month wedge.
A closer examination of Ethereum’s daily chart shows that the cryptocurrency has entered a corrective phase, with price action signaling a potential pullback toward the wedge’s broken lower boundary at $2.8K. After finding support near the crucial $2K level, ETH initiated a bullish retracement, moving back toward this key resistance zone.If the cryptocurrency fails to break above $2.8K, it will confirm the completion of the pullback, suggesting a continuation of the initial bearish trend.
If the price fails to push above this resistance zone and drops below the wedge’s lower boundary, the bearish trend will likely continue toward the $2K support level. Monitoring Ethereum’s price action in the coming days is crucial for anticipating its next move.Following a recent bullish retracement in Ethereum’s price, market participants are uncertain about the sustainability of this upward move.
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