By the end of last week, Ethereum was exploring levels below $ 2,200, this fall in price occurred concurrently with Bitcoin’s plunge to $ 33,000. Other crypto assets were also hit, for example XRP turned back to support at $ 0.8.
This was followed by a recovery and Ethereum rallied above several vital levels, including $ 2,400, 50 simple moving averages (SMA) and 100 SMA in the four-hour chart. This bullish move was gradual but consistent. However, several attempts to break the $ 2,900 barrier dashed hopes for ETH to rise above $ 3,000.
After a pullback from $ 2,900, Ethereum is currently trading at $ 2,640. All attention is focused on finding upper support to help reduce the rate of losses. The nearest anchor at $ 2,600 could try to stop the ongoing correction from renegotiating the 50 SMA and 100 SMA lower levels.
A symmetrical triangle is formed on the chart, which adds both bullish and bearish signals to the picture. Note that if the price overcomes the resistance of the upper trendline, a significant uptrend towards $ 4200 will form.
On the other hand, the close of the day below the lower trendline could trigger massive sell orders, causing Ethereum to head down to $ 1400. The dilemma facing Ether resembles consolidation within a symmetrical triangle.
The path of least resistance is descending and depends on the direction of the Relative Strength Index (RSI). The trend strength indicator moves towards the midline, emphasizing the bullish grip. Likewise, the MACD is about to give a sell signal, attracting more sellers to the market. Therefore, a failure to hold at 100 SMA or 50 SMA could mean a possible serious fall in price.
Ethereum daily levels
Spot Rate: $ 2740
Trend: bearish
Volatility: low
Support: $ 2700, 50SMA and $ 2300
Resistance: $ 2900 and $ 3400.
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