In the shorter term, Ethereum is striving to maintain its upward momentum, provided it stays above the $1649 mark. If it dips below this level but manages to bounce back, analysts suggest a new target of $1778 could be within reach.
However, despite the positive outlook, Coinotag analysts also caution investors of potential retreats. If Ethereum fails to uphold the $1649 level, it could fall back into the range of $1602–$1584. Previously, they had indicated that a fall below $1538 might trigger a slide down to the support range of $1448–$1370.
This caution is not without precedent. Prior to the recent surge, strong buying reactions led to a reversal after Ethereum had threatened to dip below the $1538 level. This resulted in over 10% gains for investors. However, failure to conquer the resistance at $1743 could prompt a retracement back to the level of $1538 or even a further fall into the support zone of $1448–$1370.
The current market dynamics underscore the volatile nature of cryptocurrencies and emphasize the necessity for investors to stay abreast of market trends and predictions. As Ethereum continues its upward journey, all eyes will be on whether it can sustain these levels and reach its potential targets.
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Source: Cryptocurrency - investing.com
