After breaking below the horizontal support level in the 3.2k zone two Saturdays ago, ETHUSD remained below this crucial level throughout last week. However, after initially reversing upon touching 2850, Ethereum tested that level again and reversed once more on Friday, forming a prominent daily Pin Bar on our chart.
As of now, the price has returned to the resistance zone (the former support), and a break back above it would indicate a false breakout and the completion of the correction. I am bullish on Ethereum and am inclined to buy on dips. My target is a retest of the 4k mark.
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