2024-11-5 10:20 |
As the crypto market turns down ahead of the upcoming US elections, Ethereum shows strength today as it bounced off a key level overnight. It remains weak on the day while the bulls are trying to come back.
Following several attempts to come back in the past months, Ethereum struggled with volatility and failed to surpass the $2,800 level that stood as critical resistance during a recent bullish phase.
The bullish phase still looks intact from a short-term perspective but the structure is becoming weaker by the day following a steady drop in the past week. A further drop could lead to another major drag down.
Looking at the market from September’s low, Ethereum appeared to be forming a bearish flag pattern on the daily chart while trapped in a range. If this pattern plays out, it may crash significantly under $2,000.
However, there’s still hope for the bulls. If they manage to regroup, we may see a climb back to the mentioned critical resistance. A successful push above it should bring steady recovery until it reaches the top.
Otherwise, the bears may gain more dominance. As it stands now, the short-term bulls are weak. A drop below the $2,100 level could cause more bleeding in the market before locating a solid ground.
ETH’s Key Level To Watch Source: TradingviewWhile the price remains trapped in a range, the immediate resistance level to watch for an increase is $2,600, followed by the critical $2,810 resistance. A break above this resistance should send us to $3,080
Towards the downside, $2,400 is a key level to watch for a breakdown. Below it lies the $2,310 support. If the price dips, the $2,111 support is the next level to keep an eye on.
Key Resistance Levels: $2,600, $2,810, $3,080
Key Support Levels: $2,400, $2,310, $2,111
Spot Price: $2,475 Trend: Neutral-Bearish Volatility: ModerateDisclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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