“Ethereum can find support at $4100 above EMA 200 in case of a major price correction”. We concluded our yesterday’s analysis with these words and that’s where Ethereum found its support today. Bad day for Ethereum as it breaks below the universal trendline it was following since October 13, 2021.
The primary reason for the dip is the Bitcoin Bearish Divergence correction. The support level, as marked yesterday, was at EMA 200, which now is holding the price level at fib 1.65 near $4311.
In case of a rebound, we have the resistance above at $4500. The support level, however, is pretty weak.
Zooming out the same chart shows that the next support level forming at fib 2.618 is the peak price level of September 03, 2021.
