- Ethereum’s price seems key to revisiting $ 3,000.
- Although the ETH faces resistance at $ 2,300, the recovery seems imminent.
- A drop below $ 2,000 could invalidate the bullish thesis.
The price of Ethereum seems to be consolidating, for lack of volume to break. But as Salvadoran news sets in, ETH may be gearing up to rebound.
Ethereum price loses volatility
The price of Etheruem follows in Bitcoin’s footsteps but shows less volatility in its rallies. While BTC climbed 24%, ETH only climbed 13%, suggesting waning interest in the outlook for the smart contract token.
Either way, Ethereum’s price sits comfortably above the 50% Fibonacci retracement level at $ 2,319. Investors can expect a rebound from this barrier to revive the recovery, but in some cases the decline could extend to the low of $ 2,271.
The uptrend will remain intact even if ETH ventures into the 62% Fibonacci retracement level at $ 2,177 or the next barrier at $ 2,077.
The uptrend that emerges from either of the above mentioned support barriers will likely target the swing high at $ 2,552, $ 2,847. In bullish conditions, the pulse wave could extend to the high end of the range at $ 2,909.
4 hour ETH / USDT chart
On the flip side, a breakdown of $ 1,976 convincingly will invalidate the rally and cause a 12% sell-off to $ 1,728.