Over the past week, Ethereum initiated another drop and lost some key levels as it rolled back near the monthly low. The crypto outlook changed and the market turned bearish while remaining trapped in a range.
As ETH continues to gather momentum, its market structure becomes tighter on the weekly chart, as the price has traded between $2,100 and $2,800 over the past three months.
Unfortunately, last week saw the crypto through another meltdown and as we can see on the daily chart, the price is weak despite slightly bouncing off the low of $2,380 last Friday.
This suggested that the bulls are trying to step back in actions but they are struggling with volatility as price actions become choppy daily. A push above the $2,500 level could raise hope for a further buy, which could bring positive actions back into the market.
A continuous drop could drive the price back to the recent low. But if we look at the latest price actions, ETH appears indecisive at the time of writing. As a result, the price must break out of the trading range before deciding on the next major move.
While the price appears trapped in a range, Ethereum’s outlook is still considered bullish from a long-term perspective. But for now, its mid-term outlook remains neutral-bearish on the daily chart.
ETH’s Key Level To Watch
Source: Tradingview
Pushing higher, $2,525, $2,650 and $2,810 are the next resistance levels to watch before breaking out to the $3,080 level.
The $2,380 level has supported the market for the past three days now. If the price continues to dip, lower support levels to consider for tests are $2,310 and $2,111. A dip from there should cause a crackdown from the range.
Key Resistance Levels: $2,525, $2,650 $2,810
Key Support Levels: $2,380, $2,310, $2,111
- Spot Price: $2,492
- Trend: Neutral-Bearish
- Volatility: Moderate
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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