Ethereum has lost momentum after a brief rally to $2,800 last week, currently trading at $2,535. This pullback coincides with the broader crypto market entering a consolidation phase, as ETH encounters significant technical resistance and changing trends due to global issues. Traders are keenly observing the situation, as key support and resistance levels will be crucial in determining whether Ethereum can regain its upward momentum or if it will experience further declines in the weeks to come.
At the time of writing, the coin is trading at a price of $2,535, which represents an increase of 1% over the past 24 hours. Its market capitalisation is approximately $304.87 billion, and the trading volume for the last 24 hours is $14.25 billion.
In this overview, we will analyse the key technical levels and trend directions for Ethereum to monitor in the upcoming trading sessions. All charts mentioned below are based on the 15-minute timeframe.
Ethereum Chart Analysis & ETHUSD Price Action.
Ethereum has strongly reversed from its recent uptrend and is now showing significant bearish momentum. The coin is currently trading at $2,535. If the price fails to move high, it could trigger a decline towards the support levels at $2,508 and $2,452. These two key levels act as a major support; if the price fails to hold, it pulls the price to the next support level. A breakdown below $2,402 could signal a deeper correction, potentially pushing Ethereum even lower in the near term.
On the upside, Ethereum faces resistance at $2,548. If it manages to break this, the next resistance levels to watch are $2,614 and $2,678. A break above these levels could open the door to a more significant bullish move, with the price likely continuing upward.
In Closing
Based on the current trend, we can expect a shift toward a downtrend in price. If Ethereum’s price manages to break through the identified resistance levels, we could see a stronger upward trend in the upcoming trading sessions. However, if it fails to exceed these resistance levels, we may witness a downtrend toward the important support levels.
Traders should consider these key support and resistance levels when deciding whether to enter long or short positions based on price movements around these critical points. Additionally, incorporating moving averages can help provide more accurate entry and exit signals.
