The second-largest cryptocurrency Ethereum initiated July’s second week on a bullish note. Following the recent market sell-off, the ETH price found suitable support at $2815— a multi-month horizontal level intact in February 2024. This support coincides closely with the 23.6% Fibonacci retracement creating a pivotal point for Ether to rebound or lead further correction. Will the developments in ETF approval help this asset regain bullish momentum?
Also Read: ETH/BTC Price Prediction: Is Ethereum Price Reversing or Is It a Bull Trap?
Ethereum Price Analysis: Key Levels to Watch as ETF Approvals Loom
Ethereum Price Analysis| Tradingview
The first of July contributed significantly to the ongoing correction in Ethereum as its price fell from $3516 high to $2815 registering a loss of 20%. The aforementioned level aligned closely with 50W EMA and 23.6% FIB creating a high area of interest for buyers.
In the last 48 hours, the Ether price jumped 8.76% to trade at $3071, while the market
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