Ethereum, the second-largest cryptocurrency by market capitalization, has recently been trading within a range of $2,500 to $2,600. However, recent price movements show that it has surpassed the $2,625 mark and is currently trading around $2,650.
Although it has declined from its recent highs, this price stabilization is significant, as it may establish a new support level for the cryptocurrency.
At the time of writing, the coin is trading at a price of $2,625, which represents an increase of 0.4% over the past 24 hours. Its market capitalisation is approximately $316.87 billion, and the trading volume for the last 24 hours is $15.24 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.
Currently, Ethereum is trading around the $2,625 level, which is acting as a key short-term support. If the price fails to hold this level and breaks below it, it may initiate a fresh wave of selling pressure. In such a scenario, the next immediate support levels to monitor lie at $2,622 and $2,585. But if bearish momentum persists and Ethereum drops below $2,525, it may signal a deeper correction phase. Such a breakdown would likely indicate increased downside risk.
On the flip side, Ethereum is facing immediate resistance at the $2,656 mark. A strong move above this level could attract renewed buying interest and suggest that bulls are regaining control. If this breakout occurs, the next important resistance levels to keep an eye on are $2,713 and $2,789. A sustained move above these levels would likely confirm a bullish continuation pattern.
In Closing
If the price of the cryptocurrency breaks through the resistance levels, we can anticipate a stronger upward trend in the upcoming trading sessions. However, if the coin is unable to surpass these resistance levels, we might observe 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.
