Ethereum's Resilience in a Volatile Market:PoS Success & Growth

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The Ethereum price has shown signs of rebounding around the 1910 area, coinciding with the 78.6% Fibonacci level. Our analysis suggests a new bearish impulse for the cryptocurrency, which is currently still within a range zone.

Despite the challenging market conditions marked by a prolonged bear market, macroeconomic concerns, and regulatory pressure, Ethereum, as a Proof-of-Stake (PoS) token, has demonstrated an impressive 60% growth in 2023. It is important to note that the recent settlement between the US Securities and Exchange Commission (SEC) and the Wahi brothers has sparked uncertainty regarding Ether's position in the eyes of federal regulators. These factors have contributed to a market sentiment filled with fear, uncertainty, and doubt (FUD).

Taking a technical perspective, our idea centers around a new short setup with a target price of 1840.000. However, it is crucial to consider the possibility of the price potentially dropping further to around 1820.

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