Adding $1000 to its price in the space of a week, Ethereum reached a new milestone and instantly turned bullish. But it later lost steam and retraced into a key level, where it is currently footing a fresh increase.
Breaking out from a three-month range two weeks ago, Ethereum rallied to a four-month high of $3,442 and halted buying due to a rejection.
This led to a drop throughout last week and the crypto lost momentum on the daily chart. That caused a little setback for the asset and the price declined following a 10% reduction in the past week of trading.
But looking at the daily chart, ETH has managed to stay firmly above the key $3,000 level for days. The price might still appear weak on the day, but technically, the bulls are slowly regaining momentum on the hourly chart. The $3,200 level may pose a little threat amid the current buy.
If the price surges through it to retake the recent high, the next range to watch for buying would be $4,000. The buying volume is currently low.
Losing grip above the mentioned key level could bring more retracement in the market. This could bring a retest at the monthly broken resistance level (now support) before resuming bullish. The trend remains bullish in the short term.
ETH’s Key Level To Watch
Reclaiming the previous $3,442 resistance should bring back recovery in the market. The higher level to watch for a breakup is $3,760, followed by the $4,094 resistance – tapped in March.
A drop below $3,000 could produce more discounts for the swing traders. The key level to watch for a rebound is $2,810. The lower support level to consider for drops is $2,600.
Key Resistance Levels: $3,442, $3,760, $4,094
Key Support Levels: $3,000, $2,810, $2,600
- Spot Price: $3,135
- 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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