Ethereum Holds Key Support Levels Ahead of Potential Altcoin Rally

Ethereum is currently holding above two critical support levels, the $3,100 Fibonacci point and the 1D Bull Market Support Band.

Analyst Luca notes that this setup has strengthened Ethereum's market structure over the past several days.

The price has maintained its position above the 1D Bull Market Support Band, which has served as a reliable reversal zone multiple times in the past two months.

Ethereum also reclaimed the 0.618 Fibonacci point of interest around $3,100, a threshold often viewed as critical during corrective phases. Holding above it typically signals buyers are gaining the upper hand.