Ethereum has started a decline in recent days, which currently brings the price back to $ 3,000; a price level that caused the price to rise more often. Will that happen again this time? Let’s look at the graphs.
Ethereum back at $3,000
To start, we need to have a good idea of ETH’s strongest price levels. We can best see this on the weekly chart, where each candle represents 7 days. In this way, 3 price zones become clear that have often caused an upturn.
At the bottom we see the gray zone of around $2,100. This is so far away from the current price that this level will only become interesting again if Ethereum decides to make a mega dip. Until then, we can focus on the other two (blue) zones.
The lower blue zone of $2,700 only becomes interesting when the coin drops through the upper zone ($3,000). But it is still good to have this level – just like the gray zone – clear in advance, should a decline occur.
Then we can now look at the most important level: the top blue zone. This is the price level that currently keeps the price stronger. The coin only dipped here in a fleeting dip, but ETH was always heavily bought, causing the candles to close above this zone.
Course back at important price level
At the moment, ETH has arrived back here, and that is not surprising when we look at the 4-hour chart. The coin was on its way to this zone before, but twice it missed the mark. Hopefully the coin can now give a new response from here.
Above we see this chart, where each candle represents 4 hours. Here we see again how the price was able to remain strong and, with one exception, all declines were well bought. So there seem to be enough buyers to push the price back up.
If this brings the coin back above the blue zone, it would be nice if the coin can rise past its previous high. In that case, we can conclude that Ethereum will start an upward trend again, which could further increase the price.
To know this for sure, we must first wait for a clear response. The price may not fall below this zone, because as I mentioned earlier, this could cause the price to drop an additional 10%. Therefore, keep a close eye on these price levels.
