After two weeks of correction эфириум has stabilized, and the first signs of a potential bottom structure are already appearing in price behavior.
The week’s close was much stronger than many traders expected, as ETH continues to hold a major support zone between $2,850 and $3,350. Crypto analyst DaanCrypto believes this zone is crucial for maintaining bullish momentum.
In his opinion, the market is currently taking into account the most important structure on the chart. This zone has repeatedly served as a buffer for bulls in the current cycle, acting as support and resistance at major reversals.
During the current downturn эфириум dropped sharply into this area, but this did not disrupt the structure on the higher timeframe. As long as ETH remains above the highlighted local lows, the bullish trend remains in force.
A weekly close above $2,850 significantly increases the likelihood that the worst of the correction is over, at least temporarily.
If in December the presenter Altcoyin will be able to confidently return to the moving average, this will significantly increase the chance that the two-week correction has reached its bottom.