Ethereum, the world’s second-largest cryptocurrency, is outperforming Bitcoin by a significant margin. In the last trading session, the price of Ethereum fluctuated, reaching a high of $2,800. Despite a short-term retracement from those highs, Ethereum has shown a strong gain of 50% for the month to date, recovering from its lows in previous trading sessions.
At the time of writing, the coin is trading at a price of $2,700, which represents an increase of 1.4% over the past 24 hours. Its market capitalisation is approximately $325.57 billion, and the trading volume for the last 24 hours is $26.03 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 traded higher, and the price faced resistance around $2.8k in the last trading session. After a strong move from the $2.5k level, it plunged to the key $2.8k level in the current trading session.
Ethereum is currently testing the first support level at $2,688. If the price breaks below this level, it could trigger a further decline towards the next support levels at $2,607 and $2,517. A breakdown below $2,517 could signal a deeper correction, potentially pushing Ethereum even lower in the near term.
On the upside, Ethereum faces resistance at $2,733. If it manages to break this, the next resistance levels to watch are $2,797 and $2,853. A break above these levels could open the door to a more significant bullish move, with the price likely continuing upward.
In Closing
If the price of the cryptocurrency successfully breaks through the resistance levels, we can anticipate a stronger upward trend in the upcoming trading sessions. However, if the coin fails to surpass these resistance levels, we may witness a downtrend toward the key support levels indicated.
Traders should consider these key support and resistance levels to enter long or short positions following the price break from the key levels. Also, traders can combine moving averages for more accurate entry and exit points.
