Growing geopolitical tensions have caused Ethereum’s price to drop massively today. Israel’s Friday air strike has heightened concerns about a wider Middle East conflict, causing tremors in both traditional and digital asset markets. Following the Ethereum price sell-off, most major altcoins fell from their highs due to a large global selloff.
At the time of writing, the coin is trading at a price of $2,553, which represents a decrease of 7% over the past 24 hours. Its market capitalisation is approximately $307.98 billion, and the trading volume for the last 24 hours is $41.17 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 is trading lower, and the price is around $2.5k in the last trading session. The coin is currently trading at $2,553. If the price fails to move high, it could trigger a decline towards the support levels at $2,490 and $2,434. A breakdown below $2,353 could signal a deeper correction, potentially pushing Ethereum even lower in the near term.
On the upside, Ethereum faces resistance at $2,660. If it manages to break this, the next resistance levels to watch are $2,780 and $2,879. A break above these levels could open the door to a more significant bullish move, with the price likely continuing upward.
In Closing
Due to the ongoing trend, we can expect a consolidation in price. If Ethereum’s price successfully breaks through the identified resistance levels, we can expect a stronger upward trend in the upcoming trading sessions. However, if it fails to surpass these resistance levels, we may see a downtrend toward the key 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.
