The Trust Layer for Market Analysts

Ethereum has shown a reaction to its Fibonacci support zone, but the upward movement has been in three waves, indicating it might be a corrective move within a larger downtrend. Price is currently consolidating between support and resistance levels, with the 38.2% retracement level acting as immediate resistance around $2000. A marginally lower low was formed on Thursday, aligning with the idea that this pullback could still be part of an ABC structure. A continued bounce higher than $2000, which is the last swing high from Thursday and the 38.2% retracement, is being watched for. However, the current move up appears to be a 3-wave move, suggesting it might need more consolidation or a deeper correction before a potential continuation.