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Ethereum at a Crossroads: Key Indicators Signal Turning Point
As the cryptocurrency market faces critical challenges, Ethereum’s recent price action has revealed crucial support and resistance levels that traders must closely monitor. The second-largest cryptocurrency by market capitalization has broken below a key support level, sparking concerns among traders.
With Bitcoin undergoing its own correction, Ethereum has shown signs of further retracement. Analysts are now eyeing $2,809 as a potential accumulation zone before a possible rebound. This setup suggests that a deeper correction might occur before the bullish momentum resumes.
Key Levels and Market Sentiment
Ethereum’s recent price movement has defined critical support and resistance levels that traders should monitor closely. The cryptocurrency’s 4-day chart displays key levels of support and resistance, with a crucial support zone at $2,807.13 and a nearby resistance level at $4,108.
The breakdown below the $3,593.46 support has confirmed bearish momentum, with the price currently hovering near $3,297.19. This level sits closer to the mid-point between support and resistance, potentially signaling a consolidation phase before the next significant move.
Source: ambcrypto.com
