Ethereum retracing to the Fibonacci 61.8% support level, often called the "golden ratio," is a widely watched technical level in trading. Its effectiveness depends on market conditions—strong historical support at this level, like $1,560 as noted in recent X posts, can hold if buying pressure emerges. However, in choppy or bearish markets, it may fail, especially without confluence from other indicators like moving averages or volume. Past price action shows it can act as a reversal point, but volatility in crypto often leads to false breaks. Traders should watch for confirmation, such as a bounce or rejection, to gauge its validity.