ETH reaches key inflection point that will determine rebound's fate

Ethereum (ETH) is approaching a critical inflection point that will determine if its recent rebound can continue, according to an analysis by CryptoPotato. The outlet explained that on the daily chart, ETH is still moving within a descending channel and has not yet reclaimed its 100-day and 200-day moving averages. However, recent price action has been positive, with a strong rebound to $1,800 after defending the $1,500 support level. The most significant resistance is in the $2,000–$2,150 range, which coincides with the 100-day moving average and is likely to be a major obstacle for buyers. The analysis suggests the rebound remains valid as long as ETH holds the $1,500 support. On the four-hour chart, ETH rose to the 0.5 Fibonacci retracement level of its recent decline at $1,830, followed by a correction that now presents a crucial test. If buyers successfully defend the $1,750–$1,800 range, a further rise to the 0.618 Fibonacci level near $1,900 is likely, the report added.