Ethereum’s bearish bias still appears active on the daily chart following a continuous reduction in the past week. However, it is likely to shift trend soon as the price looks overstretched on the daily scale. Several indicators have suggested Ethereum have entered an oversold condition due to a sudden price crash into the $2,100 range exactly a week ago. Interestingly, it bounced sharply off this multi-month low level and closed strongly above $2,800. The asset lost momentum again and advanced selling. However, it has managed to stay above the $2,500 level since last weekend but is yet to establish this price level as solid support. It has seen a little-to-no movement in the past few hours and is now trading calmly with choppy price actions. This indicates an extreme drop in volatility. Increasing demand and supply levels would determine where the market will likely go next. But if we consider the current oversold condition on the daily chart, which indicates exhaustion in selling, Ethereum may see a potential shift anytime soon. If that happens, it must climb back to the lost $3k level before confirming a new shift. Otherwise, it may advance selling. Regardless of that, Ethereum’s trend remains bearish on the daily chart. A new shift in the trend could bring a major increase in the price before rallying hard to the upside. ETH’s Key Level To Watch Source: Tradingview If ETH dips below the $2,480 support, the price may roll back to $2,310 and $2,111. A crack below this level could slip the price to $2,000 and potentially $1,900. While ETH is yet to show signs of recoveries, the immediate resistance levels for a buy are $2723 and $2,930. A push above these levels could bring us to $3,213, followed by $3,500. Key Resistance Levels: $2,723, $2,920, $3,213 Key Support Levels: $2,480, $2,310, $2,111 Spot Price: $2,655 Trend: Bearish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: jbaung007/ 123RF // Image Effects by Colorcinch
