Latest Ethereum Technical Analysis: Key Levels To Trade

Cryptocurrency Ethereum tagged major resistance in the last few days, slamming into $3,450. This came on the back of a meteoric run from $2,400, a whopping jump of 45% from low to high in November.

Following the hit of technical resistance at $3,450, Ethereum pulled back. This is to be expected as price was extended and resistance was hit.

Now starts the real test for Ethereum. Is the pull back consolidation before a further surge to the upside or will price be rejected and find its way back to support.

The big change for crypto as a whole was the election of Trump. His dovish stance toward crypto and deregulation promises are solid for crypto. In addition, Gary Gensler resigning means a more crypto friendly SEC chair is likely to take over.

In terms of major support levels, the first big test for Ethereum will be $2,775, followed by $2,400.

The big resistance remains $3,450-$3,500. Should that break, there is no resistance until $4,000 and $4,100.

Right now, the bulls have control. The supports MUST hold to maintain that momentum.

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