Bouncing off a key price area into a brief consolidation phase last week, Ethereum suspended bearish actions and increased above $3,500 earlier today. Despite retracing slightly, it is still up 4% on the weekly scale.
A week ago, Ethereum tested the $3,240 level after witnessing several crackdowns for a month. It rejected the price level with a quick recovery above $3,300. It stayed calm and closed the week well above $3,400.
The latest unexpected increase in the price caught several bears unaware as it tapped a high of $3,525 today. Now that it has found a key rebound level, the market is now slowly gaining traction on the daily chart. However, it is looking super bullish on the hourly chart.
On the 4-hour chart, Ethereum has broken out from its downward range – lower lows and lower highs – and is now looking set for a recovery. Although, it has slowed down buying due to a rejection at $3,525 in the past hours.
A continuous buy from the current trading level could activate a bigger surge until the price breaks out of the short-term bearish structure. A dip below $3,200 would confirm another leg down until it finds a key level.
But if we look at the current price actions, ETH seems to have reached a turning point as it foots a fresh increase since yesterday. Bigger moves lie ahead.
ETH’s Key Level To Watch
Now that Ethereum is out of the wood on the lower timeframe, the next resistance to keep in mind is the $3,659 level, followed by $3,760 and $3,887. The $4,000 and $4,093 resistance are the next levels to watch.
Right now, ETH is sitting above the $3,357 and $3,222 support levels. If the price dips again, the $3,059 level would be the next support for a test.
Key Resistance Levels: $3,659, $3,760, $3,887
Key Support Levels: $3,357, $3,222, $3,059
- Spot Price: $3,479
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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