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Ethereum (ETH) looks primed for a bullish move after a strong and rapid rebound from $2,880, where an efficiency gap previously existed but has now been resolved.
Analysts pointed out that the recent decline has been completed, the price structure is more stable, and the price has returned to above the important short-term area.
Support levels are at $2,622 and $2,256, which correspond to “Fibonacci” areas and can be viewed as consolidation opportunities, especially for those with price targets above $10,000.
On the other hand, resistance appears at $3,048, followed by $4,058 and $4,960.
In the longer term, the chart pattern may indicate that an inverse head and shoulders pattern is forming, which if the neckline is broken, could push the price towards $17,000.
The $2,800 and $4,100 areas remain key levels that were previously tested.
Network data shows prices have hit levels that match investors’ cost bases, with whales adding to positions and small traders reducing exposure.
Liquidation data suggests short positions have increased given high volatility.
The market is currently focused on price consolidating above $3,130, along with US employment data that could add to market volatility.
Overall, Ethereum appears to be in a consolidation phase, preparing for its next move.
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