Ethereum‘s price is currently moving between the significant Fibonacci (Fib) levels of approximately $2,400 and $2,600. This situation could indicate a critical stage in Ethereum’s market valuation. Although Ethereum (ETH) has not shown the same performance as Bitcoin (BTC), it is suggested that if ETH performs better than BTC, its price could significantly increase, reaching $3,400. The dynamics of the ETH/BTC pair are closely monitored as indicators for Ethereum’s market direction.
In Ethereum’s monthly chart, the moving average convergence divergence (MACD) histogram, which shows an upward trend for four consecutive months, indicates that the MACD lines may soon enter an upward trend. The Relative Strength Index (RSI) is currently in the neutral zone.
Ethereum has successfully surpassed its previous high of $2,140 and is now heading towards the next Fibonacci (Fib) levels between $2,400 and $2,600. However, it may encounter initial resistance at this point, which could lead to a correction phase. But if Ethereum breaks through this resistance upwards, it could reach the $3,400 level.
Over the past eight weeks, the price of Ethereum has consistently risen, showing an increase of more than 50%. The weekly chart reflects this upward trend. The MACD histogram shows an upward tendency, while the MACD lines are on the rise and the RSI is approaching overbought levels while remaining in the neutral zone.
It is anticipated that ETH might encounter initial resistance around the Fibonacci (Fib) levels of approximately $2,400 and $2,600. Ethereum’s daily chart shows a downward trend in the RSI and started the day with a downward trend. If Ethereum enters a correction phase, the next significant Fibonacci support levels could be around approximately $2,005 and $1,800. Nevertheless, an upward trend seems possible in the short and medium term.