In the ever-fluctuating landscape of cryptocurrency, Ethereum’s recent price rollercoaster ride has captured the attention of investors and analysts alike. Amidst a broader market correction, Ethereum (ETH) took a steep plunge of about 5% last week, settling around $2,176. This descent came in the wake of November’s and early December’s exhilarating rallies, marking a period of uncertainty for the second-largest cryptocurrency by market capitalization.

However, demonstrating resilience, Ethereum managed to stage a partial recovery, hovering around $2,780 as of Thursday, indicating a potential rebound from recent lows. Interestingly, Ethereum’s performance outpaced Bitcoin, which experienced a sharper decline of almost 7% during the same period.

Assessing Ethereum’s daily chart through technical analysis reveals the Relative Strength Index (RSI) currently resting at 52. Typically, an RSI ranging between 30 and 70 signals a neutral momentum, suggesting neither overbought nor oversold conditions. This 52 reading hints at possible further downside or consolidation before a resurgence in bullish momentum.

Renowned crypto analyst Bluntz, boasting a substantial following, pointed out bullish divergences across various timeframes, forecasting a potential bounce of 7-8% from recent lows. Despite this optimistic view, the analysis cautioned that any rebound might culminate in a lower high, given the indication of a five-wave decline in the larger degree count.

Meanwhile, trader tradecitypro offered an insightful perspective, identifying the $1,914 to $2,024 range as a critical potential reversal zone (PRZ) for Ethereum’s corrective phase. This zone, marked by Fibonacci levels, serves as robust support, suggesting scenarios for entry based on candlestick patterns or a breakout above $2,454 for upward movement.

Over the past week, Ethereum experienced a slight dip of about 5%, currently hovering around $2,176. This descent echoes the broader correction across the crypto market following the surges witnessed in November and early December. However, Ethereum exhibited resilience, rebounding to $2,780 by Thursday.

Comparatively, Bitcoin, the pioneer in the crypto sphere, dipped approximately 7% during the same period. Examining Ethereum’s technical indicators, the Relative Strength Index (RSI) stands at 52, signaling neutral momentum and hinting at potential downside or consolidation before reclaiming bullish momentum.

Renowned crypto analyst Bluntz, with a substantial following, identified optimistic signs in Ethereum’s short-term price action. Highlighting bullish divergences across various timeframes, Bluntz predicts a potential 7-8% bounce from recent lows. However, cautioning against an impending lower high due to the presence of a five-wave decline in the larger degree count.

Looking ahead, Ethereum’s bullish momentum hinges on maintaining support above $2,140. Sustaining this level could propel the price toward resistance around $2,300, potentially reaching $2,400 over the coming week. Conversely, a bearish domination might see a dip toward major support levels, testing the $2,000 zone, creating a precarious scenario for Ethereum’s price action.

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