Ethereum continues to show strength after reversing in the past week. The price dropped throughout yesterday but recovered today with a 1.8% jump. It looks to tap more highs in the coming hours.
After bouncing sharply off the $1,371 level on March 10, ETH recovered higher and increased significantly by more than 20%. The price flipped the previous resistance level and surged to a 7-month high of $1,841 yesterday.
Unfortunately, the price decreased and closed at $1,758. Just a few hours ago, it recovered above the $1.8k level and appeared ready to resume positive actions in the 4-hour timeframe.
It is attempting to close this week on a bullish note but there’s a possibility for a retracement at $1.7k before the price continues to rise. It could even drop near this week’s low of $1,565 before it picks back.
Should the price keep rising without any strong retracement in the coming weeks, Ethereum is expected to move into higher price levels to reclaim the August 2022 resistance.
Now that Bitcoin has recovered to the crucial $28k level today, Ethereum and other top altcoins could see a big rally in the next few days before they retrace lower. It’s important to watch out for this potential retracement in the coming week. Ethereum remains bullish at press time.
ETH’s Key Level To Watch
As Ethereum charges for an increase, the minor resistance to watch out for is $1,883, followed by the $1,948 level. The major resistance to keep an eye on is $2,030, marked as the August 2022 level.
In case of a retracement, the hourly support level to keep in mind for a rebound is the $1,788 level. The key support levels to pay attention to are the previous resistance of $1,722, $1,613 and $1,678 before slipping to the mentioned weekly low.
Key Resistance Levels: $1,883, $1,948, $2,030
Key Support Levels: $1,722, $1,678, $1,613
- Spot Price: $1,811
- 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.
Image Source: oreora/123RF // Image Effects by Colorcinch
