The past week has been uglier for Ethereum as it witnessed a heavy drop to a critical support level. After a short bounce, it rolled back again and is now on the verge of breaking lower with a 17.2% market share.

Ethereum has continued to suspend bullish following a major meltdown in the past week. This suspension came after almost testing $4,000 in May but it saw a rejection and the price contracted for five weeks.

Fortunately, the $2,817 level that has been acting as critical support since February held strongly and the price recovered a bit. But things might get uglier in the next few days if the ETH supply increases.

On the daily price chart, this critical support level might face threat again following the latest build-up in selling. A crack below this support would bring more loss in the market but on the other hand, provide a bigger buying opportunity for a long-term gain.

Looking at the price actions from a technical standpoint, the $2,400 level looks more crucial for a major bearish test before we can start to consider an upward move. 

But if this mentioned support continues to hold firmly, we can anticipate a fresh increase in no time. As of now, the price looks weak on the day. 

While the critical $2,817 support suppresses bearish actions, a drop below could bring the price to $2,600 and potentially $2,392 in no time.

In case of a rebound, the $3,059 resistance would be an obstacle level for the second-largest cryptocurrency on the lower timeframe. Higher resistance to watch are $3,222 and $3,357.

Key Resistance Levels: $3,059, $3,222, $3,357

Key Support Levels: $2,817, $2,600, $2,392

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: cascadecreatives/123RF // Image Effects by Colorcinch

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