After witnessing a two-week bounce from the monthly low, Ethereum ETH encountered resistance yesterday and initiated a drop. Losing grip above $3,200, the price is currently down 4%, looking weak on the day.

Ethereum started the second quarter with a loss but has seen a nice recovery in the past weeks. Considering the latest price reduction across the crypto market, it is likely to end this month in a dip. 

Notwithstanding, it remained in a downward range from a short-term perspective as it continued to form a lower low and lower high pattern on the daily chart. 

Compared to Bitcoin, which has posted several losses in the past week, Ethereum sustained its lower high movement and appeared a bit lagging in the recent market dip. It has been trading bullishly for the past two weeks but seems to be losing steam following a sharp rejection from the $3,357 level yesterday. 

That rejection may lead to another major crackdown capable of sending the price to as low as $2400 to form a lower low movement. Should the monthly low stand firmly in the course of a sell-off, we can expect a quick buyback in no time. 

But if Ethereum continues to defy market sentiment by rising above the descending resistance line, a bigger recovery may surface as this could restore the bulls in the market. Right now, it is under the bears’ radar from a short-term perspective. 

Dropping below $3,200 a few hours ago, Ethereum may revisit the key $3000 support level, followed by the monthly low of $2,852 before witnessing a breakdown to $2,712. 

If the bulls reclaim yesterday’s high, the $3,450 resistance would be their next target before pushing higher to the $3,723 level. The higher resistance to watch is $3,900 and $4,094. 

Key Resistance Levels: $3,357, $3,450, $3,723

Key Support Levels: $3,000, $2,852, $2,712

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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Image Source: nexusplexus/123RF // Image Effects by Colorcinch

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