Ethereum ETH is up again as it follows Bitcoin’s movement after correcting by roughly 20% in the past week. It has formed another bullish pattern and is now jerking up for a new rally on the daily timeframe.
Two weeks ago, Ethereum tapped the $4,094 level after trending bullishly for months. It failed to sustain momentum and marked the price level as a new multi-month resistance.
It initiated selling and fell consistently for a week, providing a nice discount near the $3,000 level during last week’s trading. Holding solidly above this level, ETH mounted support, started picking up again, and closed that week well above $3,400.
Starting this week on a strong note, the asset increased notably and currently changes hands at around $3,566. While still charging on the day, it aims to reclaim the monthly high, which lost two weeks back. Surging through this high could send the price straight to $4,800 – an all-time high.
However, it is important to note that there is a key resistance level at $3,700. If ETH finds it difficult to scale through this resistance due to a rejection, the price may roll back and witness another sell-off.
Sentimentally, it is following Bitcoin’s pattern on the daily chart. But it appears lagging a bit compared to the recent increase in BTC price. It is expected to catch up soon and may continue to mirror the pattern in future price actions.
ETH’s Key Level To Watch
As mentioned earlier, the $3,723 resistance may suppress the latest buying. If the price increases above it, the next resistance level would be $3,900 and the important $4,094 resistance with a potential break-up.
The crucial $3,300 and $3,000 levels are currently supporting the daily chart. If Ethereum loses these supports due to a sell-off, the next level for drops would be $2,800.
Key Resistance Levels: $3,723, $3,900, $4,094
Key Support Levels: $3,300, $3,056, $2,800
- Spot Price: $3,566
- 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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