Ethereum's price hovers at $2750.54 with a modest 0.68% gain. Leading analysts discuss key support levels and potential future growth.
Fibonacci and Ethereum’s Price Movement
Ethereum is trading within a clear upward channel. The 0.618 Fibonacci retracement at $2368.38 provides solid support while upward advances are capped at the 0.786 resistance level at $2958.95. Surpassing this threshold could trigger a significant rally. Previously, Ethereum peaked near the 1.0 Fibonacci extension at $4051.21 before retreating.
Maintaining the Ascending Trend
Ethereum’s long-term ascending channel remains intact, with the current price testing a key trendline. Historically, this trendline served as strong support. A successful bounce from this level could confirm bullish momentum, but a breakdown might expose Ethereum to lower Fibonacci levels such as 0.382 at $1699.75 or 0.236 at $1384.44.
Analysis and Possible Scenarios
Resistance remains at $2958.95 and $4051.21. If bullish momentum strengthens, Fibonacci extension levels indicate potential targets of $5937.47 and $7248.90. As long as Ethereum stays above important support zones, the market structure points to a long-term positive trend. Ethereum's price behavior is characterized by strong swings between important Fibonacci levels.
Despite recent pullbacks, Ethereum's rising channel remains intact, indicating that the bullish trend persists. The market is closely monitoring Ethereum's ability to hold above $2500 and rebound from resistance levels.
