This week, Ethereum has been consolidating within a specific range and has successfully broken through its key resistance level of $2,500, which has resulted in an increase toward new highs. Although there was a brief retracement from those peaks, Ethereum has recorded a remarkable gain of 50% for the month so far, bouncing back from its lows in earlier trading sessions.
At the time of writing, the coin is trading at a price of $2,610, which represents an increase of 5% over the past 24 hours. Its market capitalisation is approximately $315.62 billion, and the trading volume for the last 24 hours is $17.38 billion.
In the previous trading sessions, Ethereum reached a recent high of around $2,789, which is acting as a key resistance level. A successful breakout above this level could signal potential bullish momentum and lead to a strong rally to new highs in the upcoming trading sessions.
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 recent trading session before a strong retracement from its highs.
Ethereum is currently trading at $2,610. If the price breaks below this level, it could trigger a further decline towards the next support levels at $2,587 and $2,545. A breakdown below $2,473 could signal a deeper correction, potentially pushing Ethereum even lower in the near term.
On the upside, Ethereum faces resistance at $2,652. If it manages to break this, the next resistance levels to watch are $2,735 and $2,791. 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.
