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Alongside other coins, Ethereum recovered significantly in the past weeks after sitting well above key monthly support. Unlike Bitcoin, it has yet to revisit its previous high as the price faces key resistance.
As expected, Ethereum finally retested the important $2,500 level as resistance during last weekend’s trading but it seemed to be finding it difficult to advance higher due to a slight rejection.
This recent recovery came after holding well above the $2,100 support for two months. After that, it formed a bullish (double-bottom) pattern and bounced back.
Following the recent rejection, the price has retraced under the mentioned resistance level over the past few hours, showing a sign of weakness. ETH is currently in red as it shed about 2% losses overnight.
A continuous drop below this resistance level could bring an end to the three-week recovery. Although the bullish pattern is still much intact on the daily chart. There is still room for an increase if the buyers continue to commit.
However, it appeared to be mirroring Bitcoin’s movement with the same pattern that sent its price near $49,000 last month. If this pattern plays for ETH, the price may rally hard to $3000 in the next couple of days.
ETH’s Key Level To Watch
Source: Tradingview
Right now, the closest supports for a drop can be found at the $2,445 and $2,340 levels. If the price drops below this level, the next support level to keep in mind is $2,222, followed by the important $2,100 level. A breakdown from there could send the price to $2,000 in no time.
If Ethereum’s price advances higher, the resistance levels to consider on the way up are $2,566 and $2,717. A surge through these levels could push the price to new monthly highs – $2,800, $2900 and $3,000 in succession.
Key Resistance Levels: $2,566, $2,717, $2,800
Key Support Levels: $2,445, $2,340, $2,222
Spot Price: $2,482
Trend: Bullish
Volatility: Low
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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