Yesterday saw Ethereum through a break above $4k after witnessing a consecutive increase for months. It faced rejection and now retests this price level as support. A bounce is expected as more buys lie ahead.
Looking back to when the price started to increase in June 2022, the second largest crypto has added approximately 3,200 grand to its price to tap the $4,093 level yesterday. The price dropped and now sits at $4k.
The slight drops look more like a retest of yesterday’s breakout. We can expect the price to further increase in the next few days as the trend still appears highly bullish on the current daily graph.
Most importantly, Ethereum has been mirroring Bitcoin’s pattern for the past months and from the look of things, it is likely to break above its all-time high soon. The January 2022 high is the next buying target to keep in mind in the next 24 hours.
Falling below the current trading level could see the price slide to April 2022 high for support before resuming buy pressure at full speed.
While the $3.2k level is now considered as monthly support, a dip below this price level could bring a small bearish scenario before finding solid ground for an increase. Irrespective of the above, Ethereum is technically set for a long-term bullish.
ETH’s Key Level To Watch
The immediate $4,150 resistance level marked as the January 2022 high could pose a threat to the bulls on their way up. A successful climb above this resistance could rally the price through minor resistance at $4,220, followed by the $4,500 and $4,800 levels in no time. The $4,868 level marks the all-time high to watch for a breakup.
Below the mentioned weekly $3.7k low lies the $3,580 support. The next one to watch is $3,300 for more dips.
Key Resistance Levels: $4,150, $4,500, $4,800
Key Support Levels: $3,900, $3,580, $3,300
- Spot Price: $4,000
- 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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