Ethereum stabilizes at $3K support after volatility. A golden cross on the daily chart suggests potential for a mid-term bullish trend.
Ethereum recently found stability at the $3K support region after facing substantial selling pressure, leading to a consolidation phase. A golden cross on the daily chart further signals the potential for a mid-term bullish rebound, suggesting optimism in the market’s outlook. Ethereum ’s price action has been marked by increased volatility, particularly after its rejection at the $4K resistance level. This decline pushed the asset below the crucial $3.
5K threshold, ultimately finding strong support at the $3K zone. This level holds considerable significance due to the confluence of demand and the alignment of the 100-day and 200-day moving averages. On the other hand, the emergence of a golden cross, where the 100-day MA has crossed above the 200-day MA, further emphasizes a potential shift toward bullish sentiment. However, Ethereum remains confined below the $3.5K resistance, requiring a decisive breakout to catalyze a new upward trend. A successful breach could set the stage for a renewed rally.On the 4-hour timeframe, Ethereum’s decline from the ascending price channel culminated in a test of the $3K region. This zone is not only psychologically significant but also aligns with the 0.5 ($3.2K) and 0.618 ($3K) Fibonacci retracement levels, reinforcing it as a robust support line. Current price action suggests a potential buildup of buying interest, with this region serving as a critical defense line for bulls. If this support holds, Ethereum is likely to embark on a fresh bullish surge, with targets set toward reclaiming the $3.5K resistance. Conversely, a sudden breakdown below the $3K threshold could trigger a cascade of liquidations, driving the price toward the $2.5K support, marking a deeper retracement.After Ethereum’s significant correction to the $3K level, the futures market has begun a cooling-off period, raising expectations for a potential bullish reboun
ETHEREUM CRYPTO GOLDEN CROSS SUPPORT BULLISH
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