Despite the recent consolidation in Bitcoin’s price, which has flowed volatility into some altcoins since last weekend, Ethereum looks stalled amid recovery as it struggled to reclaim a key level over the past days.
Several altcoins bounced off their new lows last week after initiating a fresh decrease in late March. Ethereum, which is considered the bedrock for altcoins, saw less recovery due to low volatility but managed to push near the $1,700 level, which has been a barrier for the bulls in the past week.
The consistent shrinkage in volatility has caused a lack of interest in the past days. The market is now facing a little resistance at the mentioned price level, which will likely determine the next direction of the market shortly.
Rejecting this level could trigger another leg down in the future. A clear breakthrough should allow more recoveries in the future. Although few top altcoins have formed a bullish pattern, and are still posting gains despite the slight reduction today.
Looking at the current price actions, Ethereum is technically mirroring Bitcoin’s move, though not much, but is yet to signal a major buy unlike the primary crypto, which indicates a potential bullish move on the daily chart. It remains bearish in the mid-term, yet to shown reversal signs.
ETH’s Key Level To Watch
If the bulls fail to scale through the $1.7k level, the price may roll back. The support level to watch for such a drop is $1,500, followed by the monthly $1,385 low. A breakdown there could slip the price to a new yearly low of $1,100.
Scaling through the immediate key level could allow a retest at $1,755 and $1,957. The higher recovery level to watch for a test is $2,097.
Key Resistance Levels: $1,755, $1,957, $2,097
Key Support Levels: $1,500, $1,385, $1,100
- Spot Price: $1,640
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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