The past week was impressive as Ethereum revisited ATH following a steady monthly recovery. Looking strongly bullish weekly, it is down today as it searches for solid rebound support. A breakout is underway.
During last the bullish cycle, Ethereum signalled a wild altcoins rally as volatility flew from the primary cryptocurrency while consolidating.
That pattern is likely to repeat this bull season as ETH sets to break the genes again after recovering fully back to the top last week. It managed to reach the $4,084 level but saw rejection and fell slightly to where it is changing hands at around $3,931 at the time of writing
Although the past month of trading has been rough following a choppy price movement from the $3,000 level compared to a major move from the $2,400 range.
While still maintaining a higher high and higher low pattern on the lower timeframe, the choppy price actions indicate an incoming huge rally, and from the look of things, the price will likely break higher soon.
Such a breakout should trigger a massive altcoins season as it rallies to a new all-time high. As of now, it is looking for a close support level to bounce back. Once that happens, we can expect a break-up.
ETH’s Key Level To Watch
Source: Tradingview
Looking at the daily price actions, the $3,000 level has become a strong support for Ethereum in the past month. If the price drops below the close $3,760 support, the lower level to consider for a drop is $3,497, followed by the $3,255 level.
Once ETH recovers from the current drop, it must successfully cross above the $4,094 high before considering the next major rally to $4,500 and $5,000 in the near term. It may end the bull run with a new ATH of $7,000.
Key Resistance Levels: $4,094, $4,500, $5,000
Key Support Levels: $3,760, $3,497, $3,255
Spot Price: $3,931
Trend: Bullish
Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
