Ethereum’s micro-outlook remains bearish but the price has continued to contract daily as it eyes a key level for a retest. It will likely resume bearish pressure once a rejection occurs – down 5% since yesterday.
Since Ethereum made a sharp rejection from around $2,120 earlier this month, the market has remained uninteresting due to volatility shrinking.
This has caused a serious price contraction but the asset is still posting some gains on a weekly scale. Currently, things are not looking good in the market as it posted losses today due to a recent rejection at $2,850.
There’s still hope for buying considering a higher high and higher low pattern on the 4-hour chart. If this pattern continues, Ethereum may reclaim the mentioned rejected level with a potential increase to or above $3k before resuming bearishness from a short-term perspective.
While the trend still looks bullish from a long-term perspective, a climb above the yearly high should bring back positive sentiments, which may set the stage for a new buying phase. As of now, the market looks dicey as the volatility continues to shrink with choppy price actions.
Source: Tradingview
The $2,600 level has been providing support for two weeks. If ETH dips below this level along with close support of $2,480, it may revisit the $2,310 and $2,111 supports in no time.
Following the build-up since the recovery started earlier this month, it is still aiming for $2,920, marked as immediate resistance. Pushing above this price level could bring a retest at $3,213 before resuming bearish. A climb above the $3,450 resistance could signal a potential trend reversal.
Key Resistance Levels: $2,920, $3,213, $3,450
Key Support Levels: $2,600, $2,480, $2,310
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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