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Ethereum exited the channel and remained indecisive for days after a steady rise to monthly highs. The trend still looks bullish but it looks like a correction is taking place.
Since the price hit $1,680 last week, Ethereum hasn’t made any big moves above that level as the price has been slowly dropping. Mid-week, price bounced a bit to retest the $1.64k level but saw another rejection and continued to lose momentum.
Although the selling pressure is still moderate at the moment as it could become high if volatility increases in the future. The price is now positioned downwards with a potential sell signal. Uptrend lines tend to function as support in the event of a retracement.
Ethereum trends are still heavily in favor of the bulls at the moment, but they seem to be losing it to the bears soon. The $1,500 level remains a crucial point to watch for a serious break. A look at the market structure shows that ETH is gearing up for a correction in the coming week.
If the current bearish signals fail, a rise above last week’s high would confirm a continuation of the monthly bullish move. So far, the price is trading around $1567 with a 2% daily loss.
Ethereum Key Levels To Watch
While the price has remained weak over the last 24 hours, the closest support level to watch for a correction is the mentioned breakdown level. A drop below this level could trigger a further drop to $1,400. Below this level lies $1,350 and $1,300, where a rebound is likely.
If Ethereum finds nearby support and manages to bounce back, the resistance level to watch along the way up is $1,600. Last week’s resistance remains a key breakout level for more upside. A significant jump above this resistance should trigger a big rally towards $1,788 and $1,950.
Lock Resistance Level: $1,678, $1,788, $1,950
Key Support Levels: $1,500, $1,403, $1,350
- Spot Price: $1,570
- Trend: Neutral-Bullish
- joy: Tall
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: nexusplexus/123RF // Image Effects by Colorcinch
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