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Ethereum’s price is currently experiencing a correction, which started in early December. The price seems to be moving down towards a key support range between $2,400 and $2,840. Even though this move may unfold in multiple stages, there is a chance the correction could end earlier than expected. At the time of writing, Ethereum is down by more than one percent and is trading below the $3300 level.
Key Resistance and Support Levels
The trend is bearish as long as Ethereum remains below the resistance zone between $3,370 and $3,613. A break below $3,170, the low from Thursday, would likely signal further downward movement. If Ethereum manages to push higher within the resistance area, it may indicate that a larger pullback is forming.
Alternative Scenario: Potential Upside Breakout
There is an alternative scenario to consider, where the current price action could form a triangular pattern, possibly leading to a breakout to the upside. Although this is less likely, it’s worth keeping an eye on as it could have positive implications for Ethereum.
Looking Ahead: Possible Path to New Highs
Despite the short-term downtrend, the overall uptrend remains intact. If Ethereum finds support soon and begins to stabilize, it could pave the way for a stronger rally toward new all-time highs. Watch for signs of a price bottom, as this could signal the next upward move.