Short-Term Outlook and Potential Correction

After Sharpy's impressive growth to reach the $2029 level, Ethereum has experienced a decline in its price as it encountered psychological resistance. As a result, the price has retraced back to a support level around $1890. In the short term, Ethereum's outlook remains positive because the previous bullish wave's lowest point has not been surpassed yet. By maintaining this support level, Ethereum has the potential to move towards its previous resistance levels. However, if this crucial support is broken, the price decline may continue towards the $1,740 range, indicating a correction phase for Ethereum.