Technical Trading: Key Levels On Ethereum

After attacking the $3,725 resistance level, Ethereum saw sellers emerge and slam price sharply lower, tagging key support at $3,150. This is the current range of support and resistance.

The sharp decline coincided with the stock market dumping as yields surged higher. Yields climbing signals concerns of a U.S. economy that appears to be very strong. A strong economy tends to push inflation higher.

In addition, high yields will eventually lead to a recession which is bad for risk assets.

Ethereum is sitting just above key support at $3,150. Should this up-sloping trend line break, there is no major support until $2,775, followed by $2,575.

If Ethereum can attack the $3,725 resistance level again and break through it, upside resistance is the double top at $4,100.

Verified Investing is here to give data based analysis. Our traders focus on charts and technical analysis, removing emotion, hype, greed, fear and narratives. This helps investors make decisions on probabilities.