Ethereum’s outlook is dramatically shifting from a short-term scale. However, the price is still within a buying zone, providing a discount while reaccumulating for a major move on a daily scale.
Aside from the crucial $2,111 level that provided support for the market two months ago, Ethereum recently established new support at $2,310 after slightly losing momentum for a week. It is currently on the bulls’ radar, looking poise for a huge surge in volatility.
Reclaiming the lost $2,700 level could facilitate a break through its two-month high with a massive surge. If such a break occurs, the price will most likely trade back above the $3k level by the end of this month.
Such a setup should attract more buys in the market before recovering fully back to the peak level of $4,100, where a major break lies for a long-term rally. But as of now, the buying interest looks low on the day.
If the price nosedives again, ETH must drop below its recent yearly low before considering bearish. For now, it is gearing up for a bullish rally.
ETH’s Key Level To Watch
Source: Tradingview
In the meantime, it may face resistance at $2,525. But the key resistance level to watch for a short-term breakout is $2,810. A successful break from there should send us to $3,088 and perhaps $3,400 in the future.
If by any chance the price plunges through all the above-mentioned support levels, the next sell target support for ETH would be $2,000.
Key Resistance Levels: $2,525, $2,810, $3,080
Key Support Levels: $2,310, $2,111, $2,000
Spot Price: $2,453
Trend: Bullish
Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or using any services.
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