Ethereum started this week bearish but has managed to recover following the latest increase in the global market cap. It saw a 4% gain today and looked prime for a fresh surge on the daily scale.
Ethereum has shown signs of weakness after reaching the peak of $2,403 earlier this month. Although it is trying to regain strength after rebounding above $2,100 this week. But the buying pressure is dropping on the lower timeframe.
The asset is gradually losing steam on the daily chart and may soon initiate a fresh decrease if the buying volume drops.
Aside from pulling back from its recent peak, Ethereum further rejected $2,300 last week and dropped to a low of $2,100 this Monday for the first time in three weeks. The bulls quickly defended that price level and pushed the price back above $2,200 yesterday.
At the time of writing, it is trading conveniently above that level. An increase above the descending resistance line would activate a fresh buy to the recent peak before breaking out to a new yearly high.
Should that fail to play due to a rejection, it may drop and extend correction near the $2000 level. Losing this level could facilitate a big crackdown in the near term. For now, it remains bullish on the daily chart.
ETH’s Key Level To Watch
The $2,330 and $2,403 levels are the resistance to watch for an upsurge. If those levels flip, the next level to consider for a test would be $2,500, $2,600 and $2,700 respectively.
In the opposite direction, the market is supported by the $2,144 level. If the price dips below it, the potential support for drops would be the $2,030 and $1,905 levels.
Key Resistance Levels: $2,330, $2,403, $2,500,
Key Support Levels: $2,144, $2,030, $1,905
- Spot Price: $2,230
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.