While Ethereum has been testing a key support area in recent days, investors are closely watching to see if buyers will step in during the price’s downward wave. While the range between $ 2,222 and $ 2,036 is seen as critical, on the upper side, the levels of 2,400 and $ 2,665 constitute the resistance line.
Fragility in the Support Zone
Evaluating the price movement of #Ethereum, technical analyst Man of Bitcoin drew attention to the prominent support area between $ 2,222 and $ 2,036 on the chart. Focusing on whether a strong bottom can be formed in this range, the analyst also pointed out a similar picture drawn for Bitcoin. If ETH can stay in this band, the possibility of a new upward wave after a short-term correction appears to be on the table.
On the 4-hour chart, the price is moving around $2,311, retreating from the previous local peak of $2,380. According to the analyst, the current decline can be described as a pullback (correction). In terms of support, the levels of $ 2.222, 2.166, 2.111 and $ 2.036 are important, respectively. Especially if there is a break below $2,036, there may be a possibility of a deeper decline in the price to approximately $1,755 and $1,387 regions.
The analysis stands out as “For now, #Ethereum is going through a correction period and how strong the buyers in the support area will be in the short term will determine the course of the movement.”
It is stated that this process is progressing as a correction rather than a rupture. If buyers reactivate between $2,222 and $2,036, the short-term pressure may ease and the price may start targeting higher levels. Otherwise, a sharper decline may occur as sales pressure increases.
$2.400 and $2.665 Resistances
According to another chart analysis, Ethereum is currently moving above a significant buy wall, with the $2,400 and then $2,665 levels emerging as strong resistance zones. Recent movements in the price of cryptocurrency signaled that it may be difficult to pass these bands in the upward attack.
In the evaluation made with hourly #ETH/USDT data on the Binance exchange, it is seen that Ethereum has re-entered the buying zone with its decline to $ 2,317.50. Analyst named CW defines this area as a “buy wall” and states that buyers can recover at this level. However, it is also a reminder that the price recently failed to break through the upper resistance band.
In the upward movements, the first strong selling wall was formed at the $ 2,400 level. This point is the obstacle that limits the price from going up in the short term. If #Ethereum accelerates the upward move again, the next important resistance point is pointed at $2,665.
CryptoAppsy According to the data, at the time of writing the news, the Ethereum price was at $ 2,317.50; In the short term, it is closely monitored whether the price can hold the support line in the first place. If the buying wall gives the expected reaction, there may be a rebound towards $2,400. However, if the support is broken, it seems possible that the selling pressure will increase further.
