Ethereum continued to show signs of weakness weekly as it broke below a key support level in the latest dip. The bears are regrouping on the lower timeframe as bigger drops lurk around the corner.
From $3,977, Ethereum saw a lot of reductions in the past weeks and lost some chunks of dollars to where it is priced at $3,295 at press time. In fact, the bulls are currently in disbelief at the latest fall.
Initiating a drop today, ETH extended a sell-off below the crucial $3,350 support level, which has been suppressing selling pressure over the last three weeks. This support is now held as resistance due to the extension.
Looking at the current setup from a technical perspective, things might get uglier in the next few days as the asset just signalled a continuation of the bearish trend – a bigger drop should be expected!
No doubt, the bears are currently in control with no signs of exhaustion at the moment. The $3,000 level is an important price target to watch for this week’s drops.
Right now, there are no signs of bulls in the market. If they show up to defend the mentioned important level, we may see a solid bounce with a double-bottom formation. A drop below last month’s low may cause a catastrophic price crash.
ETH’s Key Level To Watch
The $3,222 level is currently serving as support. A crack below it could dip the price to $3,059, where a potential buyback is likely. The major support for a breakdown is $2,830. Below it lies $2,717 and $2,500.
The broken $3,357 level is now held as daily resistance. Above it lies the $3,498 and $3,659 resistance – all standing as key obstacle levels for an increase in case of a bounce.
Key Resistance Levels: $3,357, $3,498, $3,659
Key Support Levels: $3,222, $3,059, $2,830
- Spot Price: $3,295
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: dusanzidar/123RF