Unlike Litecoin, which has recently decoupled from Bitcoin, Ethereum continues to follow the leading currency pattern with another major drop in a week. Things might get worse as it builds up for a huge fall.
The past ten days have been a horrible period for Ethereum as it fell off the $2,800 range, though it pulled back a little in the mid-week before losing traction again. That significant drop triggered a fresh negative sentiment, and the second-largest asset now looks poised for a massive dump.
However, the $2,400 level has contained selling pressure so far but from the look of things, it is unlikely to hold with the latest bearish move. A dip below this holding price level should facilitate more price loss.
Now that the bears have resumed pressure again, the $1,600 range could be the next area of interest to watch out for selling soon. Though they may face some tough support on the way before reaching the mentioned target range level.
Today, buyers are trying to show commitment but from the look of things, there’s not much volume to bring them back. If things somehow turn positive, they will have to push above $3,600 before starting to consider a bullish reversal. As it stands, the bears are much more likely to gain control.
ETH’s Key Level To Watch
In the latest bearish move, the $2,310 level is the closest support to keep in mind, followed by the $2,111 – August low. A flip through this low could tumble the price to $1,900.
Unfortunately, there’s no room for buying at the moment. If Ethereum surprisingly bounced back, it must climb above the $2,595 and $2,810 resistance levels before considering a bullish move. A further push from there should bring a test at $3,088.
Key Resistance Levels: $2,595, $2,810, $3,088
Key Support Levels: $2,310, $2,111, $1,900
- Spot Price: $2,445
- 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.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
