Ethereum Faces Critical Decision Zone
Ethereum (ETH) is struggling at a crucial technical level. The 0.618 Fibonacci retracement is a key area.Traders are on high alert as the price has dipped below the point of control (POC). this zone combines the 0.618 Fibonacci level with daily resistance and a descending VWAP. These factors make it a significant barrier.
ETH’s price has retreated after failing to break through this confluence zone. The POC, a level where most trades occur, has been breached. This suggests sellers are gaining strength. The price is now under pressure.
Here are the main points:
- ETH’s price is stuck near the 0.618 Fibonacci level.
- It’s also facing daily resistance and a declining VWAP, making it harder to climb.
- Traders are watching for further declines or a potential trap.
Traders should be cautious.ETH’s price action hints at a possible 10% drop. The $1,540 level is a key support. If ETH holds here, it could signal a fakeout and a potential rebound.
for now, the focus is on whether ETH can reclaim the POC. If not, a move lower seems likely. Traders should stay vigilant for any sudden shifts in momentum.
