After last week’s rebound, Ethereum managed to mark a monthly high at $1,740 before witnessing a decrease. Today, it lost 2.7% of its value and fell slightly below $1,600 as more sell abounds.
This month, Ethereum underwent a healthy correction of a recent rally and, at the same time, found solid support for a rebound last week.
But unfortunately, the rebound wasn’t strong enough to scale the price significantly above the previous high. The price eventually rolled back after remaining indecisive for days. It is currently losing momentum across the time frames.
Even though the bullish trajectory looks suspended this week, it remains intact from a short-term perspective. Although the drawdown has led to about a 7% loss in the past week. More sell actions could come into play in the coming days.
No doubt that the sellers currently have the upper hand as pressure builds up. The price may fall sharply into key levels if selling volume continues to flow into the market.
The latest bleeding across the crypto market may continue to cause a downward spiral until the cryptocurrency finds a solid level for a bounce back. A rebound above last week’s low would provide a quick entry for a fresh buy. A breakdown at this low will activate more selling pressure.
Ethereum Key Level To Watch
Ethereum is yet to show strong signs of weakness. However, it is steadily approaching the $1,560 support level. If the level fails to hold this week, the subsequent supports to consider are $1,473 and $1,403 to test the diagonal support line. There’s immediate support at $1,350 in case of a crackdown.
The closest resistance level to the current price right now is $1,678. Higher resistance levels to consider next are $1,788, $1,800 and $1,900. If the price rises above these levels, the key target level would be $2k.
Key Resistance Levels: $1,678, $1,788, $1,900
Key Support Levels: $1,560, $1,473, $1,403
- Spot Price: $1,600
- Trend: Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Image Source: bizoon/123RF // Image Effects by Colorcinch
