Ethereum’s ETH outlook remains bullish on the daily chart despite posting notable losses in the past week. However, it is currently on the verge of losing a key support level to retest a recently broken resistance line.

The past month saw Ethereum through a sudden surge through the $3k level to almost tap $4,000 but unfortunately halted buying pressure due to a rejection. It marked resistance there and initiated a drop. 

After experiencing low trading volatility for a week, the asset found support at $3,700 and stayed above the level for the rest of that month. 

Starting this month in a neutral mode, ETH remained indecisive for a couple of days and dipped below the mentioned support. This came due to the recent fallout across the crypto space. The market’s landscape changed and the price became weak on the daily timeframe. 

However, the trend is still looking bullish on the weekly scale. While the price is on the verge of breaking below $3,600 in a fresh drop, it may retest May’s breakout resistance of $3,150 before bouncing back. A dip below that month’s low could validate a short-term sell to $2,400. 

Towards the upside, it must push above March’s high before one can consider a bullish continuation pattern from a long-term perspective. 

The $3,600 level remains a key support to watch for a breakdown. If ETH loses this support, the potential levels for selling would be $3,498, $3,357, and $3,220. A weekly close below the $3k level might put the asset in a more bearish state from a short-term perspective. 

Right now, the lost $3,723 and $3,887 levels are now considered as resistance. If the price increases above these levels, the next key resistance to keep in mind would be $3,977, followed by $4,093.

Key Resistance Levels: $3,723, $3,887, $3,977

Key Support Levels: $3,600, $3,498, $3,357

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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

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