Ethereum: Testing Resistance Before Pulling Back to Key Support hello guys!
let's analyze eth
Looking at the chart, there are two main levels to focus on for the next potential moves.
Price Action to the Gray Area:
Ethereum is likely the first to approach the gray resistance zone between $2,754.35 and $2,783.26. This zone is an important area to watch because it has acted as resistance in the past. Given that the price has been trending upward, it seems likely that the price will test this level before any major retracement.
The price might reach slightly above the gray zone, tapping $2,783.26, but it’s unlikely to break above it immediately unless there’s a strong catalyst driving the market further.
Price Pullback to the Blue Support Zone:
After testing the gray resistance area (and possibly slightly exceeding it), Ethereum will likely face a pullback. The blue support region, starting around $2,669.90, is a key level that could provide strong buying interest.
The price will likely retrace toward the blue region after encountering resistance at the gray zone. This could be a perfect setup for buyers to re-enter at lower levels, potentially leading to a bounce from the blue support area.
Conclusion:
The most probable scenario is that Ethereum will first test the gray resistance zone around $2,754.35 to $2,783.26, and then, after facing some resistance, it will pull back to the blue support zone around $2,669.90. This is a common pattern where the market hits a resistance zone and then corrects to a key support level before deciding on the next move.
Keep an eye on the price action around the gray area; if it doesn’t break above, the price should reach the blue support soon after.
