ETH : Another Retest of the ~2K Lows Before Rocketing to $3.4K?
#ETHđ„đ„đ„đ„ #ETHERIUM." #ETHć€§æ¶š #BinanceSquareFamily #BinanceEarnProgram
Ethereum (ETH) is currently poised for potential movement, with analysts suggesting a retest of the lows around **$2,000** before a possible rise to **$3,400**.
Key factors influencing this outlook include the desire for a retest of the **$2,000** lows, aligning with the **W trendline support**.
The **RSI** is also showing a falling wedge pattern, indicating a potential reversal. Additionally, Fibonacci levels suggest further declines might occur, potentially leading to one more lower low.
Elliott wave analysis points to the completion of the fifth wave down in the C wave, suggesting that the downward trend may be nearing its end.
A drop into the **Golden Pocket (GP)** would likely lead to oversold conditions, making this an opportune moment for buyers.
Retesting the bull market breakout zone at approximately **$2,000** is critical for a strong bullish case. Furthermore, a daily trendline breakout indicates bullish momentum if we form a higher low above **$2,150**.
Traders should look to **enter** at the red circle, setting a **stop** at **$2,150**, while targeting **$3,400** if the bullish scenario unfolds. In summary, Ethereum's price action suggests a potential retest of support levels before a significant upward movement.
Conclusion :
Investors should prepare for market volatility and adjust their strategies accordingly. Be vigilant and ready to act if the price moves below **$2,150**, as this could indicate a breakdown with further declines. Otherwise, positioning for a rally to **$3,400** may offer a lucrative opportunity.
