The possibility of rising to $3,300

$ETH $

1. The current technical pullback as a precursor to a strong rise

Ethereum (ETH) is currently witnessing a technical pullback after significant gains, having dropped 4.27% over 24 hours to reach $2,533.13 with trading volume decreasing by 29.57%. This pullback is interpreted as a healthy correction to retest support levels before resuming the upward trend, especially with the Relative Strength Index (RSI) remaining in areas indicating potential long-term bullish momentum.

2. Key support and resistance levels

- Strong support centers around $2,400 which is a key Fibonacci level (61.8%), and it could witness a strong rebound if the price reaches it.

- The critical resistance is at $2,180 where breaking this level and holding above it is a signal to target $2,263 then $2,354 and finally $2,448.

- The ambitious target if bullish momentum continues, Ethereum could target $3,000 - $3,300 especially with improved market conditions like potential ETF approvals or network updates.

3. Technical signals supporting the rise

- Buyer momentum A breakthrough has been observed at important psychological levels like $2,000 with a positive crossover of moving averages (EMA 20 and EMA 50) on the hourly timeframe (H1).

- Trading volume is concentrated at $2,050 - $2,150 indicating a balance between buyers and sellers, with a potential bullish breakout if the price exceeds $2,200.

- RSI Index Despite the decline, the weekly RSI is still at high levels (like 79 according to other analysts), supporting the idea of continued bullish momentum.

4. The fundamental supporting factors

- Network updates such as the 'The Surge' and 'The Verge' phases aiming to improve scalability, which could enhance investor confidence.

- ETF funds Despite the delay in approval, any progress in this regard could ignite a strong bullish wave, as happened with Bitcoin previously.

5. Possible scenarios

- Bullish scenario Breaking resistance at $2,180 could open the door for a bullish wave targeting $3,300 especially with improved liquidity and institutional buying momentum.

- The corrective scenario if resistance fails to break, the price may return to test $2,400 before attempting to rise again #ETH ##$#