Ethereum (ETH) has been on a remarkable upward trajectory, delighting investors and enthusiasts with its recent price surge. The cryptocurrency’s value has soared past $3,500, sparking excitement in the market.
Read CRYPTONEWSLAND onHowever, amidst the celebration, some analysts are raising concerns about a potential bearish reversal. The impressive rally has seen Ethereum effortlessly break through resistance levels. Yet, there are signs that caution may be warranted.
Traders are keeping a close eye on the charts, watching for any indications of a downturn. Should a reversal occur, attention will turn to key support levels that could help cushion Ethereum’s fall. One crucial level to watch is around $2,695, which aligns with the 50-day moving average.
This level has historically been a battleground between bullish and bearish forces. If Ethereum were to breach this level, the next major support zone would be around $2,065, near the 100-day moving average.
Despite the current optimism in the market, experts advise caution. While Ethereum has defied expectations so far, no asset is immune to corrections. If traders start to take profits, a bearish scenario could unfold, leading to a sell-off towards the identified support levels.
According to CoinCodex’s Ethereum price prediction, the cryptocurrency is expected to rise by 4.59% and reach $3,564.27 by March 6, 2024. The sentiment in the market is currently bullish, with the Fear & Greed Index showing extreme greed at 80.
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