Ethereum faced sharp selling pressure, breaking below key support levels at $2,750 and $2,620 before finding strong support near $2,440. After testing this crucial support zone, ETH is now attempting to recover and is eyeing a potential move toward the $2,650 resistance. The next trading sessions would be crucial as the price consolidates and traders watch for signs of a sustained rebound or further downside.
At the time of writing, the coin is trading at a price of $2,610, which represents an increase of 3.8% over the past 24 hours. Its market capitalisation is approximately $315.42 billion, and the trading volume for the last 24 hours is $18.28 billion.
In this overview, we will analyse the key technical levels and trend directions for Ethereum to monitor in the upcoming trading sessions. All charts mentioned below are based on the 15-minute timeframe.
Ethereum Chart Analysis & ETHUSD Price Action.
Ethereum has reversed strongly from its downtrend and is showing a strong bullish momentum with good technical support, and the coin is currently trading at $2,610. If the price fails to move high, it could trigger a decline towards the support levels at $2,582 and $2,490. These two key levels act as a major support; if the price fails to hold, it pulls the price to the next support level. A breakdown below $2,434 could signal a deeper correction, potentially pushing Ethereum even lower in the near term.
On the upside, Ethereum faces resistance at $2,631. If it manages to break this, the next resistance levels to watch are $2,771 and $2,879. A break above these levels could open the door to a more significant bullish move, with the price likely continuing upward.
In Closing
Given the current trend, we can anticipate a consolidation in price. If Ethereum’s price successfully breaks through the identified resistance levels, we can expect a stronger upward trend in the upcoming trading sessions. However, if it fails to surpass these resistance levels, a downtrend toward the key support levels may occur.
Traders should consider these key support and resistance levels when deciding whether to enter long or short positions based on price movements around these critical points. Additionally, incorporating moving averages can help provide more accurate entry and exit signals.
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