Ethereum broke to a new high yesterday after witnessing a steady three-day gain. It retraced today, and now looking for solid support to resume positive actions.
The second best-performing crypto by market cap accumulated for three weeks and broke out briefly to mark a 7-month high at $1,942 yesterday. That price level was later rejected.
Aside from that, the upper boundary of the channel has also served as a resistance to buying pressure. However, the recent gains suggest that volume is trooping back into the market. Buyers are now positioned as they look for another entry-level.
This impressive performance brought over a 5% increase in price since the start of the week. Although the price has retraced a bit today, providing a discount for the buyers to take more action. If they take advantage of this buying opportunity, ETH could activate a fresh rally to the August 2022 high. It currently trades at around $1880.
While this week looks more volatile than the past one, there is a need for a strong buy to sustain momentum.
It is important to note that Ethereum has managed established firm support above the $1.7k level in the past month. A decline below that level should trigger a deep retracement to the lower boundary of the channel. For now, the bulls appear to be in charge on the micro level.
ETH’s Key Level To Watch
ETH dropped below the $1,883 level today, now marked as resistance. An increase above that level should activate a huge rally to the important $1,948 level and potentially to the last August’s high of $2,030 in the next leg up. The $2,200 resistance is next if those levels flip.
The closest support to watch for a rebound lies at $1,788, followed by $1,722 and $1,678. The $1,613 level is the next support to keep in mind in case of a crackdown.
Key Resistance Levels: $1,883, $1,948, $2,030
Key Support Levels: $1,788, $1,722, $1,678
- Spot Price: $1,866
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: marcbruxelle/123RF // Image Effects by Colorcinch
Source: https://nulltx.com/ethereum-price-analysis-prediction-april-7th-eth-eyes-2k-but-faces-multiple-resistance-level-up-3/