After a mixed reaction in the past week, Ethereum ETH is slowly gaining traction again as the bulls return. It appears lagging as it follows BTC pattern, but has found a solid ground and remains bullish on the day.
Ethereum started this month on a negative note after dropping from a week consolidation phase two weeks ago. However, things are now looking positive as it recently found a key support at the $3,200 level.
This was followed by a brief indecisiveness before bouncing slightly off the support last week. Increasing by 7% in the last 24 hours, the price is now floating at $3,600 with a slight rejection.
Despite that, the setup looks highly bullish today as it slowly foots a strong rally, though it may face an important resistance at $3,700. A strong daily close above it should validate more buys.
On the daily chart, the current bullish formation looks like the last leg up that took the price from $2,100 in February to around $4,100 in March. If this pattern repeats, the $5000 level would be the target price level to watch out for in the latest surge.
The buyers might be facing some hurdles at the moment, but the market outlook is still considered super bullish on the monthly scale. A surge above last month’s high should confirm a trend continuation.
ETH’s Key Level To Watch
ETH currently trades near a minor resistance of $3,723. Surging through this resistance to $3,900 could bring a full recovery to $4,094 with a potential break out to the mentioned target price level.
In case of a drop, the closest support to keep in mind is $3,450, followed by the key $3,202 level. The $3,056 support would be the next price level if the price further dips.
Key Resistance Levels: $3,723, $3,900, $4,094
Key Support Levels: $3,450, $3,202, $3,056
- Spot Price: $3,605
- 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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