In recent days, we have seen significant increases in the cryptocurrency market, including Ethereum. Looking at the ETH chart, the upward move stopped around 161.8% Fibonacci retracement, which may indicate a potential downward correction. If such a scenario occurs, the lower limit of the 1: 1 structure at $ 527 should be considered as the nearest key support. In case the correction turns out to be deeper, then area around the recently broken highs at $ 485 will act as another important support.
Ethereum D1 interval. Source: xStation5
