Ethereum could have a new leg down
Updated
ETHUSD has experienced a positive trend since mid-October, with the coin gaining 30% over the past two months. However, after reaching the significant long-term resistance level in the 2.4k zone, a correction ensued, causing EthUsd to drop to 2150. The coin tested the confluence support provided by the horizontal level and the rising trend line.
A rebound followed, and the current price stands at 2270. The rebound from this support appears corrective in nature, suggesting that a new downward movement may occur. The initial indication of renewed weakness would be a drop below 2230, with confirmation occurring under 2200. In such a scenario, the coin could undergo further correction and test support levels below 2k.
Note
Eth is trading just above important horizontal support from 2150.The ascending trend line is broken, but for a new leg of correction, we need also a break under 2150.
In such an instance the price could drop and test 2k
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