After smashing through several resistance levels during the last leg up, Ethereum rolled heavily under $4k and found solid ground yesterday. It has bounced slightly, aiming for a recovery with 3% gains daily.
As expected in the past week, Ethereum finally took a downturn after experiencing a consistent rise for two months. Reaching its peak of $4,094 for the first time in thirty months, it initiated drops and retraced to a two-week low of $3,412 yesterday.
However, it has managed to bounce off that low to where it’s changing hands above $3,600. Trading activity looks boring due to a lack of interest. We can expect significant price movement as soon as volatility expands.
Looking at the latest price corrections, the bears are likely to stay in the market for a while before the bulls can step back. As such, we can expect more dips towards $3.1k. A further push from the current trading level could bring a fast recovery to price.
Aside from the price, which remains strong on the monthly graph, ETH’s bullish trajectory remains intact despite the recent bloodbath. A clear break above the monthly high should confirm another leg up from a long-term perspective.
ETH’s Key Level To Watch
As ETH currently looks calm, it faces an immediate resistance of $3,900. Pushing above this resistance, it may retake its recent peak price before tapping a close resistance at $4,150. The next line of resistance to watch above it is $4,500 and $4,800 in the future.
If the price drops below the $3,580 and $3,412 levels held as support since yesterday, the next corrective level to watch would be $3,300 and $3,035 – flipped in the mid-month.
Key Resistance Levels: $3,900, $4,150, $4,500
Key Support Levels: $3,580, $3,300, $3,035
- Spot Price: $3,629
- Trend: Bullish
- 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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