Ethereum ($ETH) has again encountered difficulties breaking the critical $2.8K resistance level, leading to significant market volatility.
Ethereum and the $2.8K Resistance Level
Ethereum has been unable to break above the $2.8K level, which remains a significant barrier over the past weeks. The rejection at this level indicates the dominance of sellers in this range.
Impact of Bybit’s Announcement on Ethereum’s Price
Shortly after Bybit announced it filled the financial gap left by the recent hack, Ethereum's price began to decline. This highlights the impact of external news factors on market price movements.
BTC and ETH Holding Key Fibonacci Levels
Both Bitcoin and Ethereum have shown resilience around the .786 Fibonacci retracement level, which has been significant in past market cycles, acting as strong support. The current trading range for ETH remains between $2.1K and $2.8K.
Until Ethereum decisively breaks above or below the current range, volatility may persist. Many investors prefer to hold positions and observe market movements.
