Ethereum has reached a significant Fibonacci support zone between $1,820 and $2,620. The crucial weeks ahead will determine if it bounces back or dips further, setting the stage for its next major move.
Ethereum has entered a pivotal support zone as it navigates its recent price correction.
The weekly chart reveals a well-known Fibonacci support range between $1,820 and $2,620 that is currently holding, signaling a potential foundation for its next significant price move.
This zone is playing a decisive role in Ethereum's price structure amid uncertainty.
Holding above this level could open the door for a rebound, while failure might lead to further downside.
The coming weeks will be crucial in confirming whether this support zone will trigger a recovery or succumb to deeper weakness.
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Two Potential Outcomes: Bounce or Extended Correction
From this Fibonacci support region, two major paths for Ethereum's price action emerge.
One scenario sees a bounce initiating a Wave B recovery, which could push the price back toward resistance levels near $3,500 and possibly higher to new all-time highs in Wave C territory.
This optimistic outlook gains strength as Ethereum projects such as Optimism and Arbitrum continue ecosystem development, supporting bullish momentum.
Conversely, the daily chart reveals room for an additional pullback, potentially dipping below $2,000 if Bitcoin weakens further.
Ethereum's price remains under close watch for confirmation signals like bullish divergences in the RSI or MACD indicators coupled with increasing trading volume on green candles, which would suggest a reversal is underway.
Addressing the longer-term perspective, sustaining this support would echo Ethereum’s historical resilience, recalling the significant rebound after its 2022 bear market lows.
Long-term holders may see this period as a critical accumulation phase while traders are advised to set strict risk parameters with stops near the $1,820 level.
Recent analysis from More Crypto Online on x highlights this Fibonacci correction phase, emphasizing the lack of confirmation yet for the current pullback’s completion.
As noted, "The coming weeks will be important in determining whether this support zone becomes the foundation for the next major move
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Guantai John
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Ethereum Holds Key Fibonacci Support, Future Unclear
Ethereum holds critical Fibonacci support between $1,820-$2,620, awaiting confirmation for a bounce or deeper correction.