Ethereum Price Hits Crucial Resistance Zone as Short Positions Mount
Ethereum's price has reached a crucial resistance zone that market analysts have been watching since June. This level, first identified by MCO Global in June, is currently being tested by buyers trying to sustain the recent recovery.
The latest rise appears to be a corrective three-wave move, which means it may not yet confirm a new uptrend has started. In this view, the wider bear market remains in place.
According to MCO Global, the support area between $1,600 and $1,787 is still important for holding above that range would keep the recent recovery alive. A drop below it would weaken the current setup and shift attention to lower prices.
If the support fails, the next level to watch is around $1,400, with the $1,100 to $1,060 area as another support zone if selling becomes stronger.