Ethereum recently took a slight bearish break to retest the $3,660 level but is currently down 1% amid the latest drops in the market. A dip below last week’s low should confirm more meltdowns soon.
So far, Ethereum’s value has decreased by more than 10% since it initiated drops from the $3,977 resistance level three weeks back. And from the look of things, it is showing no signs of stopping at the moment.
As shown on the daily chart, it failed to reiterate buying actions today and is now losing grip again after witnessing a three-day bounce from a monthly low of $3,362 last Friday.
Currently, it is forming a lower low and lower high on the hourly chart. A close below the $3,500 level could facilitate more drawdown capable of flipping the recent monthly low to $3,200 before the end of the week.
But if the price recovers with a close above yesterday’s high, we can expect the market to paint more greens in the coming days. As it stands now, the bears appear more formidable than the bulls from a short-term perspective. For this reason, ETH may suffer further losses.
Looking at the bigger picture on the weekly graph, the bulls are still much in control from a long-term perspective. An increase above $4,000 should bring the bulls back into the market.
ETH’s Key Level To Watch
While testing the $3,498 support, there’s still room for selling on the daily chart. The current monthly low of $3,357 remains the key breakdown support for further selling. Below it lies the $3,222 and $3,000 support levels.
A push above yesterday’s $3,660 high should allow an increase to the $3,723 and $3,887 levels in the future. The $3,977 and $4,093 levels are the next resistance to watch for an explosion.
Key Resistance Levels: $3,723, $3,887, $3,977
Key Support Levels: $3,357, $3,222, $3,000
- Spot Price: $3,521
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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