- Ethereum price stalls after hitting a critical resistance level.
- But the recent pullback is corrective, not impulsive.
- The odds still favor that ETH will test the all-time high at $2,040.
After emerging from a head-and-shoulders bottom pattern on March 6, Ethereum price rallied 15% before stalling at $1,880. The 23 four-hour simple moving average is providing support at the time of writing.
Ethereum price waits for volatility
The formation of a hammer candlestick pattern on the 4-chart below shows that Ethereum price corrective process found notable support between the .236 retracement level at $1,740 and the left shoulder high at $1,715. It also reveals a clear indication that dip buyers are present in the market.
Moving forward, investors must watch for a higher low in the channel to signal that the corrective phase is complete. An increase in volume will confirm the change in trend and position Ethereum price to test the all-time high at $2,040.
ETH/USD 4-hour chart
If the channel’s lower bound doesn’t hold and ETH price can’t find aggressive support at the $1,660-$1,655 range, it would indicate that the corrective peros has morphed into a more serious decline.
Under such circumstances, Ethereum price could dive towards the.383 Fibonacci restatement level at $1,655.
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