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Ethereum is currently holding just below a key resistance level of $3300 and a break above this resistance could mean a shift in market sentiment, hinting that the price may have already found a low. This breakout could set the stage for a move higher, but confirmation is needed to validate the bullish scenario.
Support Area and Fibonacci Levels
On the Ethereum chart, the price reacted positively to a support level around $2,923. This support is part of a larger correction pattern, and previous updates indicated that the price needs to hold these levels to avoid further downside. If Ethereum drops below the $2,400 mark, it could mean the start of a deeper correction, but the primary support areas remain above these levels, providing a buffer against sharp declines.
Waiting for Confirmation of Reversal
At this stage, the price action suggests that Ethereum could be in the midst of a corrective phase. While the lower support at $2,400 remains critical, a strong move above resistance could offer signs that the trend has shifted, possibly marking the beginning of a new uptrend.
Possible Further Downside or a Reversal
Ethereum could still experience further downside if it fails to break above resistance and continues to form lower lows. However, if the price does start to show signs of a downside reversal, there could be a move higher, potentially targeting the $3,300 mark or beyond.
Next Steps: Tracking the Five-Wave Structure
The key to understanding the next move in Ethereum’s price is identifying a five-wave pattern, which could confirm the reversal. So far, only three waves up have been tracked, so it’s essential to see if the price can complete the full pattern. If the price breaks below $3,117, it would suggest that the bullish move has topped, and the market may reverse.