Ethereum Price Analysis

Notably, the 1-day Ethereum technical chart indicates a price pullback from recent highs, as evidenced by the strong downward movement. Using the Fibonacci retracement tool, key levels can be identified at various price regions.

Notably, the 0 Fibonacci support, which was located around $3,060, has already been breached and shifted into resistance, suggesting a deeper correction. The price is currently looking for a bounce above this level, which could help launch ETH towards higher liquidity zones. If Ethereum fails to hold this level, the next possible support zone lies at the $2,878 mark. However, if ETH maintains the $3,060 mark and manages to bounce off it, it could potentially target higher resistance levels around $3,341 and $3,515, corresponding to the 0.236 and 0.382 Fibonacci levels.
Meanwhile, the Relative Strength Index on the chart is currently at 33.61, indicating that Ethereum is moving toward the oversold region, which suggests a potential for a price rebound. Typically, an RSI value below 30 is considered oversold, signaling potential bullish divergence or a correction in the price trend.