After a long consolidation phase, Ethereum climbed above the $2k resistance level and printed a new monthly high. It looks so bullish and is still charging to take more highs.
A quick recap from the past month of trading started with a rebound from a low of $1,370 to a peak of $1,850. It saw a rejection at that peak and entered a consolidation phase.
ETH pushed through that phase to the $1.9k zone within a week and managed to stay in that zone up till last week – providing the bulls with an opportunity to accumulate by adding more positions.
Meanwhile, the bearish sentiments for a correction and the FUD surrounding the price began to fade away following a relative 7% gain in that week.
This week became more volatile as Ethereum continued to surge, charting 10% gains overnight. This led to a final break through the channel pattern and most importantly the $2k resistance level that posed a threat to the bulls for a long time. It later tapped an eleven-month high at around $2.1k today.
There’s no room for any bearish actions at the moment. Even if the price drops now, the break resistance level could provide firm support for a rebound. The next area of interest for the bulls would be the lows of the first quarters of 2022.
ETH’s Key Level To Watch
Tapping a new high today, the next buying target to watch for this week lies at $2,160 – marked as January 2022 low. The next resistance levels to keep in mind are $2,300 and $2,451 – marked as February’s and March’s lows in the same year.
If the $2,030 level fails to provide a rebound in the course of a retracement, ETH may navigate the $1,948 level as support. The lower level to consider is $1,883. The buyers may face some hurdles to reclaim those levels.
Key Resistance Levels: $2,160, $2,300, $2,451
Key Support Levels: $2,030, $1,948, $1,883
- Spot Price: $2,111
- Trend: Bullish
- 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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