Ethereum advanced bullish this week and broke out to a new yearly high. But it saw a rejection and failed to sustain bullish momentum. The price slipped and now looks weak on the daily timeframe. 

Following a quick recovery above the $2100 level in the mid-month, Ethereum’s price increased and flipped the peak of $2403 to mark a new one at precisely the $2,445 level this week. 

Immediately after testing that price level, it saw rejection and quickly rolled back below the $2,400 level with a bearish candle close on the daily chart. 

The price further dipped to a weekly low of $2,257 before recovering to where it currently trades at around $2,281. The extreme drop in volume in the past days brought trading from little to no volatility in the past hours. 

As we can see on the daily chart, ETH looks indecisive with no major price movements since the piece fell to $2,278 yesterday 

However, it is essential to note that the second-largest crypto by market cap has entered a consolidation phase from a short-term perspective. However, there’s hope for more bullish if the buying volume increases from a long-term perspective. 

But if the price dips in the next few days with a crack below the current monthly low, we may see a small price correction before resuming bullish at full speed. As of now, the trend remains bullish on the daily chart. 

A push from the current trading level could return the price to the $2,330 and $2,403 resistance levels before breaking above the $2,445.

In case of a dip, the immediate support level to watch for a test would be $2257, followed by $2179. A drop below this level would confirm a fresh breakdown. The levels to pay attention to are $2,116 and perhaps $2,003.

Key Resistance Levels: $2,330, $2,403, $2,445 

Key Support Levels: $2,257, $2,179, $2,116

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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