ETH Price Analysis: What Does Current Support Level Indicate?
2022.06.08 18:41
ETH Price Analysis: What Does Current Support Level Indicate?
- ETH shows over a 2% price surge today.
- The coin firmly holds its price above the $1720 support level.
- Currently, ETH trades at a price of $1,805.84.
The volatile crypto market is slightly earning lucrative gains today, with a 2.30% hike in the global market cap. Currently, the market value is $1.25 trillion. Major cryptocurrencies like Ethereum meet minuscule price fluctuations, compared to the past day price.
ETH/USDT 1-day Trading Chart (Source: TradingView)
Looking at it more closely, ETH shows an over 2% hike with a $1,805.84 trading price. However, the question is whether ETH will break its $1720 support level and wear a bearish mask in the upcoming days. Although the current lowest price of the coin ($1765) is above this support level, ETH holds its value in a crucial stage. If the price goes below the support level, the coin is again expected to plunge.
Adding on, ETH must at least hype to break a resistance level of $2016 in order to register a higher price hike in the future. If this happens, it might tap at $2965, the price it had on May 4 before the great market downtrend. Besides the recent market crash, the one-day trading chart of ETH indicates a descending pattern since April 3 — the day the price went down from $3580 to its current price. Tapping back at this price would be possible only if the global crypto market spikes with a huge uptrend.
ETH/USDT 1-hour Trading Chart (Source: TradingView)
While looking at the hourly chart of ETH/USDT, the coin opened with a surge and continued until its lowest price dropped heavily. However, the coin regained the strength to spike afterward, which is still continuing.
Over the course of the past six months, ETH has been moving down, as evident on its monthly trading chart. Notably, the crypto market has become unpredictable, with many coin prices seesawing due to major global conflicts.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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