Opinion: Ethereum may experience a mid-term rebound, target price $3.5K
Analyst Shayan's technical analysis shows that after a rapid decline, Ethereum has found support in an important area. This area includes the key price range between the 100-day moving average and the Fibonacci level of 0.5 to 0.618. Therefore, a bullish rebound is expected in the medium term. A thorough examination of the daily chart reveals a long-term correction period, with prices eventually finding support in this key area. This region includes an important price range between the 100-day moving average at $3050 and Fibonacci levels of 0.5 ($3190) and 0.618 ($2972). The significance of this range lies in its ability to attract substantial demand, potentially preventing further downward pressure from market sellers.
In addition, a slight bullish divergence between price and RSI indicators suggests potential for a bullish recovery aiming to reclaim the $3.5K threshold again. However, despite these bullish signs, if there is an unexpected breakthrough below this critical support zone it could trigger a waterfall effect towards the $2.5K mark on its 200-day moving average.
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