In the latest drops, Ethereum briefly lost momentum and is now looking weak after failing to reclaim $2,800 in the recent upsurge.
However, its monthly outlook remains bullish while locating support for a fresh buy.
Like most altcoins, Ethereum has also posted some gains this month, but not as significant as Bitcoin’s, which has been the major mover since the overall market entered a recovery phase over the past three weeks.
However, the price appears weak today as it briefly lost momentum after facing resistance at $2,728 last week. While sell actions have been low for some days, we can expect notable drops when the pressure increases.
The monthly $2,150 low is considered a key defense line for the bulls. Losing this low-price level could lead to another serious major meltdown in the market. Such a scenario could plunge the price under the critical $2k level before locating a key level for rebound.
But looking at the current price actions, ETH is still very strong on the monthly scale. If it manages to locate support above the $2,500 level, it could initiate a fresh buy and rally straight into the $3,000 range in no time. Its general market structure remains bearish on a mid term scale.
ETH’s Key Level To Watch
Source: Tradingview
In the latest drop, the closest support level to consider for a rebound is $2,525. If the price drops below this price level in the coming days, the $2,400 level is the subsequent support to watch, followed by $2,253.
Resurging above last week’s high, ETH may face a small threat at the critical $2,810 resistance before rising to the $3,080 level. After that, the $3,234 and $3,400 levels are the next resistance to watch for an increase.
Key Resistance Levels: $2,810, $3,080, $3,234
Key Support Levels: $2,525, $2,400, $2,253
- Spot Price: $2,642
- 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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