In the past 24 hours, Ethereum faced significant resistance around the $1870 mark, which caused a strong negative reaction in its price. This resistance level can be identified by applying a technical analysis tool called Fibonacci retracement on the daily timeframe. By drawing a retracement line from the previous downward wave to the lowest point of the Fibonacci wave, we find that the 0.50 Fibonacci level confirms the presence of this resistance.
Moreover, the negative response observed in the previous day has opened up possibilities for a potential change in the downward trend over the short term. However, for this trend reversal to occur, it is crucial for the price range between $1830 and $1837 to quickly establish itself as a support level.
If the mentioned support level fails to hold, there is a possibility that the price of Ethereum will experience further decline and move towards the support range of $1800 to $1760.
Moreover, the negative response observed in the previous day has opened up possibilities for a potential change in the downward trend over the short term. However, for this trend reversal to occur, it is crucial for the price range between $1830 and $1837 to quickly establish itself as a support level.
If the mentioned support level fails to hold, there is a possibility that the price of Ethereum will experience further decline and move towards the support range of $1800 to $1760.
