Ethereum advanced bullishly this week and broke out to a new yearly high. However, it saw a rejection and failed to sustain bullish momentum. The price slipped and now looks weak on the daily timeframe.
Following a quick recovery above the $2100 level in the mid-month, Ethereum’s price increased and flipped the peak of $2403 to mark a new one at precisely the $2,445 level this week.
Immediately after testing that price level, it saw a rejection and quickly rolled back below the $2,400 level with a bearish candle close on the daily chart.
The price further dipped to a weekly low of $2,257 before recovering to where it currently trades at around $2,281. The extremely drop in volume in the past days brought trading from little-to-no volatility in the past hours.
As we can see on the daily chart, ETH looks indecisive with no major price movements since the piece fell to $2,278 yesterday
However, it is essential to note that the second-largest crypto by market cap has entered a consolidation phase from a short-term perspective. Though there’s hope for more bullish if the buying volume increase from a long-term perspective.
But if the price dips in the next few days with a crack below the current monthly low, we may see a small price correction before resuming bullish at full speed. As of now, the trend remains bullish on the daily chart.
ETH’s Key Level To Watch
Source: Tradingview
A push from the current trading level could send the price back to the $2,300 and $2,403 resistance levels before breaking higher.
If the price dips, the immediate support level to watch for test would be $2257, followed by $2179. A drop below this level would confirm a fresh breakdown. The levels to pay attention to are $2,116 and perhaps $2,003.
Key Resistance Levels: $2,330, $2,403, $2,445
Key Support Levels: $2,257, $2,179, $2,116
- Spot Price: $2,281
- 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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