Ethereum is showing strength again after seeing a slight retracement last week. It appeared strongly bullish today, charging back to its recent high where a potential price breakout is likely to occur. 

Since last week, Ethereum has seen notable ups and downs after seeing about 30% recovery in the preceeding weeks. Before the drops, it traded sideways for a week and later rejected the $3,562 level.

That price rejection saw ETH through a slight retracement but it managed to bounce back after locating support at the $3,088 level – which produced a bigger discount in the market. 

Interestingly, the bulls took advantage of the discount and regrouped back into action after a brief consolidation. As we can see, they are currently taking charge of the latest price movement. 

Reclaiming this rejection level could see the price explode massively to May’s high before pulling back. Failure to pull back may result in more surges to the yearly high. Looking at the overall market sentiment, which is currently positive, the bears would find it difficult to come back.

Even if they resurface, the price must drop below the critical $2,817 level that stood firmly during the correction. Due to multiple price rejections, it is now considered a key short-term demand area.

On the way up, the bulls’ first obstacle level is the $3,562 resistance. If they surpass that level, the next important resistance to watch is $3,702 with a potential surge to $3,887 and $4.094. 

If the price drops again, we may see a rollback to the $3,222 and $3,088 supports. Losing these supports could bring us back to $3,00 and maybe $2,817 in no time.

Key Resistance Levels: $3,562, $3,702, $3,887

Key Support Levels: $3,222, $3,059, $2,817.

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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