Following the latest recovery across the crypto space, Ethereum tried to mirror Bitcoin’s pattern over the past week, but buying pressure appears low. However, it has shown strength and now looks poise for gains.
Last week ended a bit calm for Ethereum following a notable recovery from above $1.7k in the preceding week. This subjected the market to a slight consolidation mode, but it is now surging amid rising demand.
However, it is still looking extremely bearish on the daily chart despite the latest surge, although is not much compared to Bitcoin and other large-cap altcoins that have recovered nicely in the last two weeks. It is now trading well above 2k after losing it during the last drawdown.
Looking at the current bearish pattern on the daily chart, ETH appears weak in the ongoing recovery phase –considered as a retracement of the previous leg down. This phase reveals weakness from the bulls’ side due to lack of interest. But currently, they are now showing strong interest.
Failure to overcome $2.1k may subject the market to more squeeze. This could cause another impulsive move to the downside capable of sliding the market to a new multi-month low. Currently, it is gaining traction, but the trend remains under the bears’ radar while finding a threshold.
ETH’s Key Level To Watch
Source: Tradingview
Amid slight retracement, ETH is facing resistance at $2.1k. The higher resistance above this price level is $2,310, along with the $2,550. level.
Anticipating a bearish extension, the immediate obstacles for the bears are $1,937 and $1,755 – the current low. A drop below it could send the price to $1,640 and $1,570 in no time.
Key Resistance Levels: $2,100, $2,310, $2,550
Key Support Levels: $1,937, $1,755, $1,640
- Spot Price: $1,914
- Trend: Bearish
- Volatility: High
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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