Ethereum slid down as soon as it surged after a rally that saw its price rise by 6% to nearly $2,800 last week. The altcoin hasn’t risen above $3,000 since March 1, when it did so for the first time since February 17. Following an instant dip below $2,400, after Russian President Vladimir Putin ordered soldiers into Ukraine, Ethereum has bounced back and forth in subsequent weeks.
ETH Price Analysis (Short-Term)
ETH Price dropped nearer to the $2,500 support zone. The bulls appeared near this level and protected heavy losses. The price is now trading at $2,545.99. At Press time, the altcoin is facing resistance at the $2,600 zone.
If the bulls manage to take the ETH price above $2,600, the second-largest crypto might set the pace for more gains. Further, the next key hurdle is $2,670, above which the bulls might take control.
On the contrary, if there is no upside break, the price could start a fresh decline towards the $2,500 and $2,450 levels.
It’s a “waiting game” for Ethereum
Justin Bennett, a well-known crypto strategist, believes Ethereum (ETH), the dominant smart contract platform, is poised for a breakout this month.
Bennett claims that ETH price is hitting diagonal resistance, which has put the market in a slump for the past four months, in a new strategy session.
Despite the fact that the altcoin is still respecting its diagonal barrier, Bennett claims that it is being supported by an uptrend line that dates back to 2020.
According to Bennett, Ethereum is currently trading inside a symmetrical triangle and is reaching the pinnacle of the formation. The smart contract platform will break out of the pattern this month.
He emphasizes, however, that the breakout might occur in either direction because Ethereum has yet to present signs for a strong directional bias, according to him.
He also adds that right now, it’s really a waiting game because the market is still in a state of consolidation. So we need to see Ethereum close above this level right here, so this trend line is somewhere around $2,800, to confirm the break one way or the other. Alternatively, he also said to look for a daily close below $2,500.
Bennett says bulls should go for ETH’s immediate resistance at $3,600 if they break the diagonal resistance. A break of the long-term support, on the other hand, will almost certainly drive Ethereum to $1,700. He basically stated that Ethereum is poised for a 30% swing either higher or lower.
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Source: https://coinpedia.org/ethereum/ethereum-eth-price-at-crucial-level/