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Bitcoin is currently facing resistance in the short term, struggling to break through a critical price level. In addition, the Trump meme coin, which has made headlines following the recent inauguration, experienced a sharp price drop after the lack of crypto-related mentions during the event. Despite this, Trump coin is still holding higher than its launch price, though its future remains uncertain in the short term. Solana and Ethereum are showing signs of bouncing from key support.
Ethereum has shown mixed price action in recent days, currently holding above the previous swing lows around $3,140, but still below the recent swing highs near $3,450. As the market moves within this range, the outlook remains uncertain, with the potential for further testing of support levels.
The analysis suggests that if Ethereum stays above key support around $3,140, there is still room for price continuation. However, the price action remains choppy, and the market could test the support level at $3,334, which represents the 78.6% Fibonacci retracement of the recent price movement. If this level holds, a rebound and further price movement higher could be expected.
For a more bullish scenario, the market would need to break above the $3,450 level, which would suggest a move towards higher price levels. If this happens, the next target is the 138% Fibonacci extension at $3,976, followed by potential further gains towards $4,140. However, this forecast remains subject to change, depending on how the market behaves in the coming days.
The focus remains on the micro support area, with traders awaiting confirmation of either a continued upward trend or further testing of lower support levels. The market’s reaction to these levels will dictate whether Ethereum can continue its upward momentum or face another correction.