Has the Ethereum price encountered resistance, does the market correction indicate a reversal?
According to CryptoPotato, after a significant increase in Ethereum price last week, it is currently facing major resistance. The market is undergoing a correction and traders are considering the possibility of a reversal. Technical analysis from TradingRage shows that the daily chart for Ethereum price in the last quarter of 2023 exhibits a very strong upward trend, with an increase of over $1000. Recently, ETH experienced a radical surge towards the resistance zone at $2700. However, this level clearly rejected the price increase and started to retrace towards the $2400 region. At the same time, the relative strength index still shows values above 50%, indicating bullish momentum and suggesting that prices may continue to rise after completing the correction. Looking at the 4-hour chart, ETH formed a double top pattern at the $2700 resistance level. The relative strength index also indicates that this asset was overbought during this period of time. Currently, prices are forming lower highs and lows with short-term targets possibly reaching $2400. However, this level seems likely to support prices and trigger a rebound afterwards
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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