Ethereum price is still in the woods as market participants respond to the relatively robust American inflation data made public this week and as competition rises. At the time of writing, Ethereum is exchanging hands at around $2,472, which is roughly 15 percent below this month's highest level.
As it has been the norm, Ethereum price action tends to follow Bitcoin's price movement despite showing less volatility in its surges. For instance, when Bitcoin appreciated by 13 percent, Ethereum surged by only 13 percent. This indicates waning interest in the pioneer altcoin's projections.
Regardless, the ETH price currently rests comfortably above the 50 percent of the Fibo retracement level at $2,20. In the event Ethereum declines towards this level, investors should expect a renewed bullish momentum. However, such a price decline could extend in some instances, leaving the crypto asset dropping towards the swing low of $2,270.
Ethereum's bullish narrative will remain intact with the weekend here even if it plunges towards the 62 percent of the Fibo retracement level or the next resistance barrier. This is at $2,177 and $2,077, respectively. The rally expected to occur from the support levels aforementioned will likely push Ethereum towards its swing high at $2,553 and $2,850. If the general market improves during the weekend, Ethereum's price rally might press on and push the crypto asset towards its higher range of $2,910.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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