Ethereum Faces Resistance at $2,400, Potential for Short-Term Correction Before Further Gains
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Ethereum's price is currently headed towards resistance levels between $2,400-$2,600, potentially leading to a corrective phase before advancing further.
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Over the past 8 weeks, Ethereum has risen over 50% in value, exhibiting a bullish uptrend.
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The daily chart shows some bearish divergence that could lead to a short-term correction, but medium term targets remain bullish between $2,400-$2,600 and around $3,400.
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Against Bitcoin, Ethereum could see further losses of about 19% as BTC has been significantly outperforming ETH lately.
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If Bitcoin rally slows and Ethereum rebounds sharply from the 0.043 BTC support level, it could initiate a rally towards Ethereum's $3,400 target.