Ethereum, the second-largest cryptocurrency globally, is significantly outperforming Bitcoin. In the last trading session, Ethereum’s price surged to a high of $2,800. Although there has been a short-term pullback from those highs, Ethereum has still achieved a remarkable 50% increase for the month so far, recovering from its previous lows.
At the time of writing, the coin is trading at a price of $2,780, which represents an increase of 1.6% over the past 24 hours. Its market capitalisation is approximately $338.91 billion, and the trading volume for the last 24 hours is $31.26 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 moved above $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 recent trading session, indicating a strong bullish momentum towards new highs.
Ethereum is currently trading at $2,780. If the price fails to move high, it could trigger a decline towards the next support levels at $2,753 and $2,656. A breakdown below $2,586 could signal a deeper correction, potentially pushing Ethereum even lower in the near term.
On the upside, Ethereum faces resistance at $2,800. If it manages to break this, the next resistance levels to watch are $2,836 and $2,971. 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 expect a stronger upward trend in the upcoming trading sessions. However, if the coin fails to surpass these resistance levels, we may see a downtrend toward the key support levels identified.
Traders should take these key support and resistance levels into account when deciding to enter long or short positions based on the price movement from these critical levels. Additionally, combining moving averages can help provide more accurate entry and exit points.
