Against BTC and USDT, Ethereum has continued to trade calmly with no signs of major move. While gathering momentum, a surge from the current trading level should determine the next market direction.
The last few days have been interesting in the crypto space as Bitcoin gained more recoveries. While some altcoins have followed suit, ETH lags behind as it continues to trade calmly on the daily scale. Though its bearish outlook remains intact with no signs of a major move in a week.
Following yesterday’s rejection, the asset currently looks weak as selling volume slowly increases. However, things may change if the bulls show strong commitment. But as it stands, there’s little-to-no movement in the market due to lack interest, and as we can see, trading appears boring.
Surpassing the $1,690 level has been tough for the second largest crypto by market cap recently. If it joins the latest market recovery, we can expect a significant increase above the mentioned tough level. This should trigger more suspense in the mid-term bearishness before determining the next actual direction of the market.
As of now, Ethereum is yet to show signs of a reversal. If the current monthly low serves a threshold during this second quarter, we may see a slight change in the market structure. Reclaiming the recent peak should validate a complete reverse in the trend. But looking at the trend, ETH is still under the bears’ radar on the mid-term scale.
ETH’s Key Level To Watch
While the market is currently calm under $1,690, the potential resistance level to watch for a breakup is $1,957 and $2,097 in the near term.
In case of a drop, ETH must reclaim the $1,500 level, along with the crucial monthly $1,385 low before expanding to a low of $1,100.
Key Resistance Levels: $1,690, $1,957, $2,097
Key Support Levels: $1,500, $1,385, $1,100
- Spot Price: $1,578
- Trend: Bearish
- Volatility: Low
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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