Ethereum, ETH bounced 3% weekly to retest a key price level after declining for two weeks. It looks strong in the 4-hour time frame but is currently calm as it faces resistance. However, it charges for more gains.
After witnessing a series of highs and lows this month, Ethereum showed strength last week and appeared to be gaining momentum on the daily chart.
The latest increase was initiated after almost testing the $2,142 level, which has been serving as crucial support for almost two months. It bounced slowly and successfully closed above the $2,200 level last week.
It reclaimed the $2,300 level yesterday and remained calm above the important level ever since. While trading volume is low to sustain pressure, it is priced at $2,007 at the moment.
With the recent bounce from the mentioned crucial support, Ethereum’s formation looks bullish on the daily chart. A continuous increase from the current level could bring a full recovery back to the market.
But if the bears intercept again, Ethereum may resume sell-off until it finds another support to foot bullish. It is facing a three-month resistance line that broke down as support during last week’s dip.
BNB has suspended bearish correction, but it may resume if this resistance line continues to suppress buying pressure.
ETH Key Level To Watch
If ETH keeps rising, it may retest the recent breakdown level of $2,445 as resistance. If there’s no interception, the next target would be the $2,566 and $2717 resistance level before breaking out for a bigger move.
A drop from the three-month resistance line could roll the price to $2,222. Below it lies the crucial $2,142 support. A crack from there could facilitate a broader correction to $2,000 and potentially $1,900.
Key Resistance Levels: $2,445, $2,566, $2,717
Key Support Levels: $2,222, $2,142, $2,000
- Spot Price: $2,007
- Trend: Bearish
- Volatility: Low
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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