Ethereum resumed selling pressure this week after experiencing a little retracement last. While on the verge of breaking down a key price level, it has posted roughly 7% loss in the past week.
Rejecting $4,100 and $3,700 in the past weeks, Ethereum has found it difficult to push above the $3,300 level in the recent bounce as it lost momentum again due to the latest decline.
Taking that bounce as a retracement of last week’s drop, the price is now on the verge of dropping off the important $3,000 level. A successful bridge from there could drive the price back to $2,852 – the current holding support.
Technically, that holding support recently acted as a sub-level to the crucial $2700 level that flipped as resistance during February’s surge. Once the crucial level is retested (probably as this week’s low) in this leg down, we can expect a quick price recovery in no time.
However, it is important to note that ETH may extend bearishness below this key retest level if the weekly supply continues to outweigh demand. The $2,500 – $2,400 zone would be an oversold area to watch for a major buyback.
As of now, there are no signs of the bulls. A reversal pattern above the mentioned holding support could bring them back into the market. But as it stands, the bears are taking charge.
ETH’s Key Level To Watch
While the bulls are in disbelief of the recent price movement, they may suffer more losses if the price slides through the vital $3,000 support level. Breaking the $2,850 support will activate more drops.
The $3,202 level now stands as immediate resistance. If the price recovers above $3,300, the resistance levels to watch above it are $3,450 and $3,723.
Key Resistance Levels: $3,202, $3,450, $3,723
Key Support Levels: $3,000, $2,852, $2,712
- Spot Price: $3,042
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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