The post Ethereum (ETH) Faces Key Resistance at $2.8K After Bullish Rebound from $2.1K Support appeared on BitcoinEthereumNews.com.

Ethereum has recently faced a sharp 37% decline but found substantial buying interest at the $2.1K support level, resulting in a bullish rebound. Current price movements indicate that ETH may be nearing the lower boundary of a wedge pattern at $2.8K, which could suggest a continuing bearish trend. A detailed examination of the technical charts highlights key resistance and support levels that could dictate Ethereum’s next move. Discover the latest Ethereum price action and what technical indicators suggest for its future movements in our in-depth analysis. Ethereum’s Recent Price Movement and Key Support Ethereum recently experienced a notable bounce back from the critical $2.1K support area following a significant downturn. This surge implies robust buying interest and investor confidence at lower price points. However, as Ethereum approaches the $2.8K mark, a crucial resistance level looms, which could trigger a reversal if upward momentum wanes. This level is particularly important as it coincides with the previously broken lower boundary of a technical wedge pattern. Resistance Levels and Potential Pullback On the daily chart, Ethereum is facing a decisive resistance zone that includes the $2.8K threshold. This level could potentially halt the recent bullish activity and lead to a pullback. Should this happen, the next logical support target would be the psychological $2K mark, where significant buying interest has been observed. Technical indicators suggest that failing to break above this resistance could reinforce the bearish outlook. Four-Hour Chart Insights The four-hour chart provides further clarity on Ethereum’s price dynamics, showing a resurgence near the $2K support, followed by minor corrective retracements. Currently, ETH has reached a critical resistance area defined by the 0.5 and 0.618 Fibonacci retracement levels. This zone is likely to witness increased selling pressure. If Ethereum fails to overcome this resistance, it may continue its downward trajectory toward the…

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Filed under: News - @ August 11, 2024 5:16 pm