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The price action shows strong interaction with Fibonacci levels, with $2,881 (0.382 retracement) acting as a major resistance. The Relative Strength Index (RSI) has fluctuated between neutral and oversold conditions, indicating waning bearish momentum but lacking clear signs of a strong reversal. A further move lower could test $2,125 (0.618 Fibonacci level), which is a critical support level for ETH to maintain its broader uptrend.
A decisive break above $2,881 could trigger a retest of $3,078 (a horizontal resistance zone), which also aligns with the previous breakdown structure. However, a failure to hold above $2,487 might accelerate a drop towards $2,125, completing the final corrective wave before a potential larger recovery.
ETH Price Prediction
The 1-hour chart presents a more detailed view of the ongoing correction. ETH recently bounced off the lower boundary of its descending channel, testing resistance near $2,487. The structure appears to be forming a possible wave E of a larger corrective wave count, suggesting one final move lower before a bullish reversal.
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