Crypto Blog
Ethereum’s price has been encountering resistance in breaking below the critical $3K support region, leading to slight fluctuations within a narrow and pivotal range. However, there is anticipation of a renewed bullish surge in the mid-term, driven by emerging demand.
This significant range is delineated by the 0.5 and 0.618 Fibonacci levels, coinciding closely with the critical 100-day moving average. This alignment suggests substantial demand around this pivotal threshold. Presently, the price is exhibiting sideways movement within this range, retracing toward the lower boundary corresponding to the $3K support region. This indicates a tug-of-war between sellers and buyers.
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