After the current overall market adjustment, Ethereum experienced a reversal in the middle of the week. This correction was accompanied by a sharp drop near $1900 and has remained calm since then
After the current overall market adjustment, Ethereum experienced a reversal in the middle of the week. This correction was accompanied by a sharp drop near $1900 and has remained calm since then.
Over the past two weeks, Ethereum has experienced significant fluctuations, breaking through a four month channel and reaching a one-year high of $2141. It temporarily stopped its upward trend and consolidated for a few days near the area.
On Wednesday, ETH suddenly fell, dropping nearly $200 from its opening price. Yesterday's volatility was not significant as trading remained calm above $1900 thereafter.
At the same time, the key level of $2000 that should have provided support is now becoming resistance. When the bulls take a step back, this critical level may make it difficult for them to retract. However, it found time support at the upper boundary of the channel, which looks like a retest of last week's breakthrough. It also faces support at the current trading level.
The rebound above this channel may rebound significantly towards the price range of $2.4k again in the next month. If the price falls within the channel, it may seek support at the lower boundary of the channel.
Regardless of the current market situation, ETH remains bullish in a higher timeframe. The price must fall below the March low before we can start considering a bearish reversal from a medium-term perspective.
Key ETH Levels Worth Attention
Due to Ethereum trading in key areas, a resistance level of $2030 should be considered to potentially rebound. If the level flips again, the next rebound target will be $2160, $2300, or even higher.
If the asset resumes selling, the direct support level to focus on is $1883, followed by the hidden psychological level of $1800 and $1788.4. Further decline, the support levels that need to be noted along the way are $1722.9 and $1678.9, both within the channel.
Key resistance level:$2030, $2160, $2300
Key support positions:$1883, $1788.4, $1722.9
- Spot price:1938 US dollars
- Trends:Bearish
- Volatility:secondary
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