Ethereum Approaches Years of Resistance Line, Short-Term May Welcome Technical Correction

This wave of Ethereum surged from $2000 all the way to $3480, with an increase of more than 70% in just a few weeks, showing very strong momentum.

However, from a technical perspective, it is currently hitting a long-term descending resistance line that has been in place since the historical high in 2021. Every time the price reaches this line, it has been strongly pushed back down.

As it approaches the resistance line again this time, combined with the previous significant increase, the pressure the market is facing at this position is very evident.

In the short term, ETH has a high probability of encountering resistance at this position, undergoing a round of "healthy correction" to digest the gains and floating profits.

Looking at the chart, the correction range is approximately between $3200 and $2800, where $3200 is the Fibonacci 0.382 retracement level, and $2800 is a strong support area at 0.618 retracement.

If the correction can stabilize within this range, it will be an important accumulation point for the next round of market activity.

Currently, $3480-$3500 is a strong resistance area, and it is not recommended to enter long positions.

The $3200-$2800 range is a very strong support level, and opportunities can be sought to enter the market at that time.

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