#Ethereum price encountering resistance around the $4,100 mark, impeding its bullish momentum.
In line with Bitcoin's path, Ethereum faced resistance around $4,000 before undergoing a downward correction, mirroring market movements.
Over the past four days, $ETH has declined notably by 9.00%, breaching the $3,700 support level.
The breach of the 78.60% Fibonacci level implies a reversal in the bearish trend, signaling heightened selling pressure.
Notably, #Ethereum broke below the Rising Channel Pattern on the daily chart, deviating significantly from its previous trend.
Analysis of the 4-hour chart indicates a breach below the critical dynamic support of the 50-EMA, exacerbating the bearish sentiment.
The breach of the 78.60% Fibonacci retracement level emphasizes a substantial downturn, increasing the likelihood of a sell-off.
Ethereum's downtrend could aim for the 61.80% Fibonacci level on the 4-hour chart, indicating more potential downside.
Fibonacci analysis identifies $3,200 as key support, suggesting significant interest for potential buyer rebounds.
According to Coingabbar Prediction, Ethereum price prediction 2030 is estimated around $20,000.
KEY LEVELS :
RESISTANCE LEVEL : $3,750-$3,850
SUPPORT LEVEL : $3,600-$3,500
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