Ethereum’s Support Level: Will a Bounce Back Happen or Deeper Correction?

The cryptocurrency market is seeing a shift today after a significant rally that pushed Bitcoin (BTC) to a new record high of $126,000. This recent surge has since eased off to around $121,000. Ethereum (ETH), meanwhile, experienced a drop exceeding 5%, falling from its 24-hour peak of $4,755 to approximately $4,445. However, despite this pullback, ETH’s price action remains technically significant, as it is currently testing a key support level that may decide the direction of its next move: a rebound or deeper correction. ]