Ethereum ETH is up today but trading volatility remained low as it continued to consolidate despite the latest market increase. However, its bullish trajectory is still intact daily, gathering liquidity for a bigger rally.
Looking back to last month’s trading, Ethereum saw a massive explosion near $4k after sitting well above the $2,800 level for weeks. That explosion ended a two-month correctional phase, bringing the bulls back in control.
The buying pressure cooled off and the price fell slightly below $3,500. It bounced back with a sharp rejection and traded calmly around the $3,900 level for the past two weeks, entering into a consolidation mode.
Until now, the second-largest cryptocurrency by market cap has yet to make a significant move, lagging a bit compared to Bitcoin, which is initiating a surge. It may follow suit if the mentioned trading level holds as support.
Still, the $3,700 level has provided support. If this support plummets as a result of a meltdown, it may navigate a lower level for a rebound. That could bring a retest to the two-month trendline that broke as resistance (now support) during last month’s surge.
As of now, the bullish momentum is still suspended to a sideways movement. A surge above last month’s high should validate a break out of its two-week consolidation mode.
ETH’s Key Level To Watch
Source: Tradingview
While ETH bias remains bullish on the daily scale, we can expect it to reclaim last month’s $3,977 high, followed by its recent ATH of $4,093. Close resistance levels to watch for breakout are $4,300 and $4,500.
Losing the $3,723 support may result in a dip to the $3,450 and $3,357 levels. The main support level to watch for a retest is $3k.
Key Resistance Levels: $3,977, $4,093, $4,300.
Key Support Levels: $3,723, $3,450, $3,357.
Spot Price: $3,811
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.
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