Ethereum News Today: Ethereum Faces $3,000 Test as Institutional Optimism Clashes with Bearish Forces
- Ethereum stabilizes near $3,100 Fibonacci support as RSI and Stochastic Oscillator signal potential bullish reversal after sharp correction. - Institutional buyers accumulate 3.5% of ETH supply through long-term staking, contrasting ETF outflows and creating structural demand. - Technical analysts highlight completed Elliott Wave B pattern, suggesting $3,592 resistance test if bulls defend $3,000 threshold successfully. - Risks persist below key moving averages, with breakdown to $2,850-$2,380 possible a
Ethereum’s latest price movements have reignited hope among traders, with technical signals and institutional involvement hinting at a possible bullish turnaround despite persistent market swings. Following a steep drop that sent the cryptocurrency below $3,000 earlier in the week,
This stabilization is backed by blockchain data indicating a slowdown in bearish pressure. Ethereum’s Relative Strength Index (RSI) has bounced back from oversold levels, and the Stochastic Oscillator has also recovered from extreme lows, suggesting a possible change in market sentiment
Analysts are also noting the completion of a corrective B wave in Elliott Wave analysis, a formation that has historically preceded strong upward moves. Technical experts suggest that Ethereum’s current consolidation near $3,100 may mark the conclusion of an extended bearish phase and the beginning of a new rally. “A stable B wave can provide a foundation for a bullish move,” one analyst on X commented, adding that a successful bounce could see ETH challenge the $3,592 resistance level in the near future
Nevertheless, certain risks persist. Ethereum’s price remains under important moving averages, and a drop below $3,000 could revive selling pressure, potentially driving the price down to $2,850 or even $2,380
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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