Ethereum (ETH) made a fakeout last week and immediately washed gains with a bearish engulfing candle. This led to a roller coaster for weeks as the bears seemed ready to mount pressure again. Currently down by 2% weekly.

The first quarter of the year saw Ethereum’s price rally from the low of $1,180 to the high of $1850 in six weeks. That high area is where the bears are negotiating at the time of writing. 

In the middle of that period, it saw a deep correction to around $1370, which also brought a test to the lower boundary of the broadening wedge.

A bounce from that boundary rallied the price hard to the peak of $2141 on April 16 – an over 80% gain in a month – as it tested the upper boundary of the wedge. Ethereum technically rejected that peak level, consolidated for a few days and started to lose momentum. 

It later encountered critical support at $1800 and held well above it upon several failed attempts to pass through. Last week saw the price through a small recovery. But the price fell back after a false breakout, which has trapped the bulls around the $2000 price level for the past five days. 

ETH currently trades around $1850, looking poise for more drops on the daily chart. It must conquer that critical support to test the lower boundary of the wedge for a fresh buy.

If the price manages to pass through the critical support, there’s a minor support level at $1,788.4 before slipping further to $1,722.9. The support levels near the lower boundary are $1678.9 and $1590. 

Restarting bullish above the critical support, Ethereum must overcome the $1948 and $2030 levels. By then, we can expect more rallies to $2160 and $2,304.

Key Resistance Levels: $1,948, $2,030, $2,160

Key Support Levels: $1,788.4, $1,722.9, $1,678.9

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

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

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