Ethereum registered a huge loss throughout last week following a major crash into the $3,100 range. A temporary hold in that range brought a little relief but is now losing momentum amid fresh market drops today.
Ethereum started this month strong as the entire crypto market recovered from late last month’s shockwave that sent several altcoins to a new multi-week low. The recovery brought a little relief for the bulls as they aim to resume a fresh rally, but their hope was short-lived last week.
A lot has happened since then as Ethereum initiated another major sell from $3,745 after a three-week recovery. The $3,158 level provided support with a slight bounce and the price consolidated around $3,300 for three days. It rejected $3,339 today and slowly lost momentum.
It just dropped off $3,200 amid rising supply and now aims to retest the $2,810 level that flipped as key resistance during last November’s surge.
However, the monthly $3.1 low is considered a close support to watch as it will likely pose a threat on the way down. A strong hold above it could trigger a bounce capable of restoring the bullish action. However, the current bearish pattern appears to be shaping the phase of the market daily as the price declines.
ETH’s Key Level To Watch
Source: Tradingview
Losing the $3.1k low could drive us back to the crucial $3k level before retesting $2,810. Lower supports to watch for a broader retracement is $2,600 and $2,485.
The $3,307 level is currently marked as resistance. An increase above it could trigger a recovery to the $3,550 and $3,830 resistance levels. The main resistance level for a break-up is $4,107.
Key Resistance Levels: $3,307, $3,550, $3,830
Key Support Levels: $3,101, $2,810, $2485
- Spot Price: $3,191
- 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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