Ethereum Eyes Revival to $2,700 As Bulls Begin to Emerge
-ETH falls nearly 56% after hitting ATH of $4400
-100 MA has held support for ETH since the start of 2021
-Major Resistance of $2438 needs to break & hold for revival to begin
Ethereum experienced a near 4500% return the last year at its peak. A short two weeks later, the gains have fell to 2300%. ETH experienced a very fast run up from $2500-$4400 which was not the stable way to grow. As a result, ETH has retraced nearly 56% from its ATH.
Major support of $2141 has held ETH up from dropping further. This was the previous resistance which held ETH back from its explosive run to $4400. If this level can hold, ETH has a shot at retracing to $2700 after major resistance of $2440 is broken.
Along with the major support of $2141, ETH has two other very strong support levels. The first being the 100 Day MA and the second being a long term trend line that has been since January of this year. If these levels fail to hold, ETH may retrace lower to major support of $1944.
While looking at the Stoch RSI, we can see the strength has been stuck in oversold levels. This is the longest time the strength has stayed below 30 since August of 2020. Once this revives above 30, ETH is ready for a leg higher. The MACD has retraced from ATH to below the median line which is a good reset before a revival. The histogram has started ticking up which also indicates a revival is soon to come.
ETH Intraday Levels
Spot rate: $2350
Trend: Bearish
Volatility: High
Support: $2141
Resistance: $2440
-100 MA has held support for ETH since the start of 2021
-Major Resistance of $2438 needs to break & hold for revival to begin
Ethereum experienced a near 4500% return the last year at its peak. A short two weeks later, the gains have fell to 2300%. ETH experienced a very fast run up from $2500-$4400 which was not the stable way to grow. As a result, ETH has retraced nearly 56% from its ATH.
Major support of $2141 has held ETH up from dropping further. This was the previous resistance which held ETH back from its explosive run to $4400. If this level can hold, ETH has a shot at retracing to $2700 after major resistance of $2440 is broken.
Along with the major support of $2141, ETH has two other very strong support levels. The first being the 100 Day MA and the second being a long term trend line that has been since January of this year. If these levels fail to hold, ETH may retrace lower to major support of $1944.
While looking at the Stoch RSI, we can see the strength has been stuck in oversold levels. This is the longest time the strength has stayed below 30 since August of 2020. Once this revives above 30, ETH is ready for a leg higher. The MACD has retraced from ATH to below the median line which is a good reset before a revival. The histogram has started ticking up which also indicates a revival is soon to come.
ETH Intraday Levels
Spot rate: $2350
Trend: Bearish
Volatility: High
Support: $2141
Resistance: $2440
