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- Ethereum struggles to break $2.8K resistance as price volatility makes it hard for traders to push higher.
- Daan notes Ethereum’s price drop after Bybit’s hack resolution, failing to break resistance.
- Ethereum and BTC react around the 0.786 Fibonacci level, with $2.1K-$2.8K range crucial for next moves.
Ethereum (ETH) has not been able to overcome $2.8K high, which was a critical line of resistance in the recent period. However, at this level, the cryptocurrency experiences variations that make it difficult for traders targeting a higher price to achieve their goal.
In a recent post on X, Daan Crypto Traders have discussed the current market trends that dominates the crypto world. He stated that Ethereum started to decline in price after Bybit said it fixed the problems resulting from a hack. This event was positive for the exchange but it was not enough to push Ethereum through the resistance point of $2.8k.
Key Fibonacci Levels Impact
Daan also pointed out that Ethereum and BTC have moved around the 0.786 Fibonacci retracement levels as we have seen. These have turned out to be significant levels at which the price could go up or down. As of now, the price volatility has been within this zone, therefore making this zone a sensitive area in the market.
Ether was not left isolated from Bitcoin’s intense price movement, especially when it swept through the range lows. Although both the cryptocurrencies have moved up and down, the trading zone from $2.1K to $2.8K is of utmost importance for investors. This range could mean that Ethereum will make the next major move above $2,800 or below $2,100.
Ethereum’s Market Volatility
Daan is at the moment still cautious in his management strategy and has kept most of his spot positions unaltered. He went further and pointed out that due to the current volatile condition in the market, it remain uneconomical and unwise to continue with aggressive strategies.
Most investors are also currently employing a similar approach to analyze, waiting for certain indicators that could suggest the next direction for Ethereum. Currently, Ethereum was priced at $2,388.01, down from its position 24 hours to a decline of 10.87%.
Source: TradingView
In the coming days, the price action will decide whether ETH will be able to penetrate this level or the market will continue to decline. Nonetheless, the overall tone of the market is still rather precautionary and not very active, many business people waiting for further developments.
