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What Could Be Next for Ethereum After Losing 13% in a Week?
- Ethereum (ETH) has experienced a 13% price correction over the past week, losing a key local range and testing critical support levels.
- Crypto analyst Daan Crypto Trades notes that Ethereum is bouncing between the $2.1K & $2.8K support/resistance levels, demonstrating familiar behavior.
- The recent downturn pushed ETH to a pivotal point, retesting the $2.1K level, considered a crucial support level.
- Ethereum is currently finding stability within the $2.1K & $2.8K range, with $2.1K acting as strong support and $2.8K as significant resistance.
- Market sentiment reflects traders buying near $2.1K and selling close to $2.8K, indicative of a common pattern.
- The immediate future trajectory of Ethereum heavily relies on the market's reaction to these levels — $2.1K as support and $2.8K as resistance.
- If the $2.1K support remains strong, Ethereum may consolidate within the current range, with a break below signaling further downside potential.
- On the other hand, surpassing $2.8K could suggest a shift towards more bullish momentum in the short-to-medium term.
- Investors are advised to monitor these key levels closely for insights into Ethereum's next significant price movement.
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