Crypto price prediction: Ethereum (ETH) key levels to watch for next price movement

Ethereum (ETH) crypto analysis:

Ethereum (ETH) chart analysis

Ethereum (ETH) is currently showing signs of a correction, with the price potentially moving toward an important support zone. This area, near the 0.618 Fibonacci retracement level at $2,891.52, is critical in understanding ETH's next move in its trading pattern. Traders are watching this level closely to assess whether Ethereum can maintain its overall bullish momentum or if further downside is likely.

The ETH/USD pair appears to be heading toward the $2,891–$2,829 range, a zone identified as key support for making correction. This sort of movement rapidly happens, where corrections often occur before the start of a new wave of upward movement. A strong reversal in this zone could signal the beginning of another upward wave, which is expected to resume Ethereum's bullish trend.

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Maintaining a price above $2,891 is essential to avoid the risk of an extended correction. If the price falls below this level, it could disrupt the wave structure and delay the anticipated upward movement. This makes the $2,891 support level a critical benchmark for traders looking to evaluate the strength of Ethereum's current market position.

On the other hand, a decisive break above $3,600 would provide confirmation that the correction phase has ended. Such a move would likely signal the start of a new impulsive wave, characterized by significant upward momentum. For investors, this breakout would serve as a strong indication of renewed bullish sentiment in the Ethereum market.

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Ethereum's price movement in the coming days will likely revolve around the key levels of $2,891 and $3,600. Traders should monitor these areas for signs of reversal or breakout to determine the next phase of the trend. Staying above the support zone could set the stage for a strong recovery, while breaking below it may point to further challenges ahead.