After a brief bullish phase that brought optimism to the market, Ethereum’s price reached the 100-day moving average and faced increased selling pressure, resulting in a sharp decline.
The only bullish indicator is the price encountering robust support within the range between the 0.5 and 0.618 levels of the Fibonacci retracement. This range serves as the bulls’ last line of defense, and a breach below it could trigger a sudden cascade in the market.Analyzing the 4-hour chart, it is evident that the price has predominantly followed a downward trend, forming a descending wedge pattern. However, ETH recently reached the crucial support level of $1.
Regardless of the outcome, it is essential to closely monitor the price action in the coming days, as increased volatility can be expected, which will shape the market’s direction.Ethereum’s price has ultimately initiated an uptrend after failing to break below the $1.5K support region. Interestingly, the futures market is demonstrating a very bullish signal in contrast to Ethereum’s bearish price action.
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