What happened to Ethereum yesterday was the selling pressure that broke the daily pivot support and turned the trend downward for the previous day.
The bearish move continued after the pullbacks, and the Ethereum price fell to one of the considered support levels in the $1,622-$1,628 range. This level, confirmed today by the retracement Fibonacci tool, is one of Ethereum's key short-term supports.
But Ethereum's more important support is in the $1,600 range, roughly the 50% range of the last strong uptrend. So as long as these two strong supports are not broken down, there is potential for Ethereum to grow again.
But if this support is broken, the further price reduction can continue at least to the bottom range of the upward wave, i.e., the price of 1537 to 1555 dollars.
The bearish move continued after the pullbacks, and the Ethereum price fell to one of the considered support levels in the $1,622-$1,628 range. This level, confirmed today by the retracement Fibonacci tool, is one of Ethereum's key short-term supports.
But Ethereum's more important support is in the $1,600 range, roughly the 50% range of the last strong uptrend. So as long as these two strong supports are not broken down, there is potential for Ethereum to grow again.
But if this support is broken, the further price reduction can continue at least to the bottom range of the upward wave, i.e., the price of 1537 to 1555 dollars.
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