The current price action of Ethereum indicates the reaching of an important resistance level, raising questions about a potential correction before the next growth.
Technical Characteristics of Ethereum
Ethereum is currently trading at $2,590, considered critical due to the confluence of various technical factors, including the 0.618 Fibonacci level. This level could serve as a short-term ceiling, signaling a potential corrective move.
Harmonic Pattern and Its Significance
A harmonic pattern (Butterfly) may be forming within the current structure, indicating the need for a corrective leg C before a bullish leg D continuation. If the price revisits the $2,226 level and holds, it will confirm the formation of leg C.
Price Forecast for Ethereum
The overall trend on higher time frames remains bullish, but a pullback from $2,590 is expected and considered healthy. If the price returns to $2,226 and volume increases, it will lay the groundwork for further growth towards the target level of $3,200.
In the near term, a potential correction for Ethereum should be anticipated, which will be a healthy step before further growth. The support level at $2,226 will be critical for potential continuation of the bullish trend.
