2024-5-14 19:30 |
Ethereum ETH appeared to have found firm support as it failed to advance bearishness over the past month. It remained stagnant for days but is now showing signs of strength following a 1% gain since yesterday.
Rolling back under the crucial $3,000 level last week, Ethereum became weaker and looks poised for more bearish actions. But it quickly lost steam and remained indecisive under this crucial level ever since.
However, the cryptocurrency is still undergoing a correctional phase on the daily chart but is likely to shift trend soon following the latest surge.
As shown on the daily chart, the lower low and lower high formation appeared to have reached an oversold area as the bears find it difficult to pull the price below $2,800, which has been acting as firm support for a month. From the look of things, the bulls are likely to take advantage of the bears’ weakness.
Aside from that, another thing to consider for a potential buy lies in its bearish impulsive and retracement move, which currently looks weak compared to when the price started to fall from around $4,100 in March. This also indicates an exhaustion in selling.
Should the bears release pressure to sustain momentum, we may see a crack below the mentioned acting support before making a major shift.
Technically, ETH is still mirroring Bitcoin’s pattern. And if that continues to play, it will likely reclaim the lost crucial level as the primary cryptocurrency slowly regains strength.
ETH’s Key Level To Watch Source: TradingviewIf ETH manages to reclaim $3,000, we can expect a quick buy to $3,072, followed by $3,222 and $3,357. Higher resistance levels to watch for an increase would be $3,450 and $3,723.
In the opposite direction, the market currently sits above $2,817. Losing it could cause another swing low to the $2712 and $2,500 supports.
Key Resistance Levels: $3,072, $3,222, $3,357
Key Support Levels: $2,817, $2,712, $2,500
Spot Price: $2,963 Trend: Bullish Volatility: LowDisclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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