Ethereum’s bullish trajectory remains intact on the daily chart following a fresh bounce from a key support level. The price now looks stalled due to a recent rejection. Bigger moves expected if the price rallies up.

Following a dramatic breakout from the critical $2,800 level in the first week of the month, Ethereum’s bias quickly turned positive as the price increased consistently to reach a high of $3,442 in the following week.

It dropped off this high due to a rejection and the price pulled back near the key $3,000 level. Holding this level a support, the price consolidated for a week and bounced back into the $3,400 range last Thursday. Since then, the asset has remained relatively calm due to choppy price actions.

Still, Ethereum seems to be footing another leg up on the daily chart as it formed another bullish pattern after holding well above the mentioned key level two weeks ago. If this pattern plays out with a successful break above $3,500, it may rally through its current all-time high to a new one.

Looking back, however, it has seen over 70% recovery since August. A bigger price movement can be expected in the future as it now gathers momentum for another major move.

ETH’s Key Level To Watch

Source: Tradingview

The $3,497 level posed threat to the bulls during last weekend’s trading. If they overcome this level, the next line of resistance would be $3,760, followed by the current $4,094 high. A break through it should rally the price to a new high

Ethereum currently sits above the $3,015 support. Losing this support could bring a retest at the broken $2,810 resistance level as support. Below it lies $2,600.

Key Resistance Levels: $3,497, $3,760, $4,094

Key Support Levels: $3,015, $2,810, $2,600

  • Spot Price: $3,135
  • 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.

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