Technical Analysis: Ethereum Key Support And Resistance

Ethereum broke sharply lower in the last week as risk assets sold hard. The stock market, specifically technology fell hard and altcoins followed. Key supports were broken as Ethereum declined 15% in the last five trading days.

Looking at the chart of Ethereum, it is approaching its next major support level betwee $2,800 and $2,750. This will be a key stand for the bulls. As long as this level holds, the bull narrative can remain. However, if this breaks, there is no major support on Ethereum until $2,500 and it could go as low as $1,800.

Should Ethereum hold support at $2,800-$2,750, the bulls can make another attempt to drive price to $3,800.

Overall, look for a bounce on Ethereum at the first support, shown in the chart above.