AMB Crypto 5 minutes ago
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- ETH ($3,271.98)’s short-term outlook shows signs of a bullish reversal around the $3,000 psychological level.
- On-chain metrics suggest selling pressure, but most ETH holders remain in profit.
Ethereum [ETH] was also hit by the recent altcoin correction, dipping over 20% after being rejected at the $4,000 resistance level.
However, this downtrend may not be significant, as Ethereum’s technical patterns and on-chain metrics show mixed signals of a potential price recovery or further volatility.
ETH approaching key support at $2.8k
On the weekly chart, Ethereum’s price movement shows consolidation in a bullish flag pattern—a pattern that often precedes a breakout. The recent dip has brought ETH close to the lower boundary of this ascending flag at $2,800.
If this level holds strong, it could act as a springboard for a massive upward rally. A successful rebound here may push Ethereum toward its next key target of $6,000.
However, failure to maintain this support could expose ETH to further downside.
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