Ethereum exhibited a robust and positive response when it interacted with its support level recently. This increased demand in the market resulted in a price surge for Ethereum, reaching the upper boundary of the descending channel. However, upon encountering the resistance at $1,880, the price experienced a negative reaction, signaling the conclusion of the upward wave and initiating a price correction phase.
Looking ahead, Ethereum’s critical support level is now identified at $1,840. The sustainability of this support, along with a positive market reaction around it, holds the potential to pave the way for a second upward wave, potentially propelling the price towards the $1,900 range.
As the price approaches this support level, it is crucial to monitor the market for confirmations of the anticipated reaction. These confirmations would provide valuable insights into whether the support is indeed holding and whether Ethereum is poised to enter the $1,900 channel.
By attentively observing market dynamics and the behavior around the $1,840 support level, traders can make well-informed decisions to capitalize on potential opportunities during this price correction phase.