Ethereum, the second-largest cryptocurrency by market capitalization, is currently experiencing a corrective phase amidst ongoing market volatility. The digital asset has recently dipped to around $2,845, prompting analysts to evaluate potential support levels and assess the likelihood of a bullish rebound.
A month ago, industry experts identified significant support levels for Ethereum around $3,215, coinciding with the 50-day Exponential Moving Average (EMA), and between $3,107 and $3,215, aligning with key Fibonacci levels.
The monthly chart positions Ethereum’s price near the 0.382 Fibonacci support level as the correction persists. A monthly close above this level could signal positive momentum, while a failure to maintain support could lead to further downside, with the next significant support expected around $2,500.
Can Ethereum regain $3,000?
Despite the corrective movement, the Moving Average Convergence Divergence (MACD) lines retain a bullish crossover, while the Relative Strength Index (RSI) remains neutral. However, the MACD histogram shows early signs of a bearish downturn. Ethereum has retraced nearly 31% from its recent peak of around $4,095.
Analysts are also monitoring Ethereum’s performance against Bitcoin (BTC). Compared to Bitcoin, Ethereum is on a downward trend, finding significant support near 0.043 BTC and resistance at the 50-4H EMA, around 0.049 BTC. The MACD histogram and lines suggest a bearish trend, while the EMAs’ Death Cross formation reinforces the short-term bearish outlook.
As market volatility persists, participants are closely watching Ethereum’s price movements to identify potential support and resistance levels that could shape the asset’s trajectory in the near future.
