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Ethereum (ETH) Nears Inflection Zone — Can Bulls Extend or Will Bears Take Over?
As the cryptocurrency market continues to navigate through a tumultuous period, Ethereum’s recent price action has caught the attention of many investors. With the asset trading near a critical inflection zone, it remains unclear whether bulls will be able to sustain their momentum or if bears will take control.
The past few days have seen ETH break above the $1,720 resistance level, marking a significant milestone in its recovery trajectory. As a result, Ethereum’s current price action has sparked intense speculation about the asset’s near-term prospects.
In terms of technical analysis, it appears that bulls have been able to push the ETH price above the 23.6% Fib retracement level of the downward wave from $2,860 swing high to $1,386 low. Furthermore, a decisive close above $1,800 resistance zone and the 50-day simple moving average (blue) may be necessary for bulls to regain control.
A failure to clear these hurdles could result in a fresh decline, with immediate support sitting at $1,740. The first major support level lies at $1,680, while a daily close below this marker could trigger a significant bearish move that sends the price toward $1,500 and potentially even the $1,385 support zone.
In conclusion, Ethereum’s current situation remains precarious, with bulls and bears locked in an intense battle. In order to confirm the uptrend, a decisive move above $1,850 is required.
Source: https://coinchapter.com/ethereum-eth-inflection-zone-1850/
