Ethereum Technical Analysis & Market Outlook

Recent declines in Ethereum’s price following the approval of a crypto-ETF prompt profit-taking, signaling potential trend reversal.

Previous forecasts indicating Ethereum’s price decline have materialized, with the rate falling and reaching local highs near $3,070. Profit-taking, following the enthusiasm surrounding the approval of a crypto-ETF, has triggered a significant pullback in Ethereum and Bitcoin prices.

The technical analysis indicates a retreat to the Fibonacci retracement level of 38.2% from the recent bullish wave. Historical patterns suggest a potential shift in market sentiment towards less volatile corrections and declines after significant growth spurts. This could signal the beginning of a medium-term downtrend.

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