Ethereum’s price increased by 33% over the past two weeks after breaking out of a long-term channel. The consistent price increase has pushed the cryptocurrency to a 2-month high.
Since the beginning of the year, Ethereum has been following a bullish sentiment and has tapped a 2-month high at $1.6k yesterday. The price dropped to a low of $1,520 today and recovered quickly to where it is changing hands at $1,550 at the moment.
The buying pressure looks calm today as the weekly trading rounds up in the next few hours. ETH is trying to cross over into the new week in a neutral mode before deciding the next direction to follow.
Ethereum can still tap more highs if it continues to show a sign of strength. The $1.5k level remains a key level for the asset to refuel the existing positive actions.
A close below this level could cause a heavy reduction in the coming week. We may see a retest of the channel breakout before it resumes the upward rally. The new ascending trend line now serves as dynamic support for a rebound.
If this trend line breaks down, a massive sell-off is likely to come into play. Such a scenario may result in a continuation of the long-term bearish. The recent recovery in the overall crypto market has put some bears in disbelief.
Ethereum Key Level To Watch
While Ethereum is in the middle of a consolidation, the support level to watch out for a rebound is $1.5k in case of a drop. The following level to keep in mind is the $1,403 and $1,350 supports. Right below this level lies $1,300.
Moving higher, it would first need to retake yesterday’s $1600 resistance before rising to $1,678, marked as November 2022 high. It can also revisit the $1,788 resistance level if the price keeps surging.
Key Resistance Levels: $1,600, $1,678, $1,788.
Key Support Levels: $1,500, $1,403, $1,350
- Spot Price: $1,550
- 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.
Image Source: nexusplexus/123RF / Image Effects by Colorcinch