Possible correction on Ethereum
Updated
Hi everyone,
Ethereum price managed to break 2500 level and set a new local high at 2700.
After reaching 2700 price level ETH now in a correction phase and I expect slow decline at least up to 2400 price level.
2400 is very important price level since if it breaks then we can see Ethereum price dropping up to 2140 support level. This scenario is possible but only if Bitcoin price drops under 40000 and continue to decline.
There is important thing to note for Ethereum price is upcoming Dencun update which is expected at the end of February. If all tests will be positive and there won't be any delays then we will see impact of this update on Ethereum price. Most likely Ethereum price will reach 3000 price level region in case of successful update. Otherwise I think that 2700 price level will remain a local high until real bull run starts.
Please, do not forget to boost this idea & share it with your friends; thanks.
Ethereum price managed to break 2500 level and set a new local high at 2700.
After reaching 2700 price level ETH now in a correction phase and I expect slow decline at least up to 2400 price level.
2400 is very important price level since if it breaks then we can see Ethereum price dropping up to 2140 support level. This scenario is possible but only if Bitcoin price drops under 40000 and continue to decline.
There is important thing to note for Ethereum price is upcoming Dencun update which is expected at the end of February. If all tests will be positive and there won't be any delays then we will see impact of this update on Ethereum price. Most likely Ethereum price will reach 3000 price level region in case of successful update. Otherwise I think that 2700 price level will remain a local high until real bull run starts.
Please, do not forget to boost this idea & share it with your friends; thanks.
Note
ETH price is slowly falling down to 2400 support area.For bulls it is important to keep price above that level otherwise we can see significant drop in price.
Note
Ethereum price dropped under 2400 level and if it holds there then next main target will be 2140 support levelNote
Ethereum is trading at around 2200. This is significant drop after price dropped under 2400 support area.This was expected and now 2140 support line is the main target.
Note
Ethereum price broke 2200 level and closing to 2140 support line.We might see it very soon
Note
After some price correction almost up to 2400 level Ethereum is under 2300 again.Last time ETH price almost dropped up to 2140 but didn't touch it.
Now it might be different and price can test this level.
Note
Ethereum price start rising again.For bulls it will be important to break 2400 price level and hold there.
Note
Ethereum price is rising following Bitcoin.It will be important for ETH price to reach and break 2600 level in order to continue to rise.
Note
Ethereum price correction is over and probably price won't go lower than 2300 level.In this correcton phase ETH price almost reached my main target at 2140 and after that started to rise again.
So overall idea was good and it worked out well.
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