the price fell into a wedge
The price action of Ethereum showed a massive upsurge in the past, which favored the bulls. The price rose from the demand zone near$1535 by the October 2023 support level and rallied spectacularly up to $4100 by March 11th, 2024.
After reaching the peak, the price fell into a wedge and started making lower lows and highs after the 12th of March, as bulls lost their traction on the daily chart.
Support Levels: On the downside, Ethereum has encountered support near the $3,066 level, with additional support levels at $3,030 and $2,830. A breach of these support levels might lead to further downside, with the price potentially testing the lower trend line of the wedge in the near term.
Resistance Levels: Ethereum faces significant resistance levels, with the first major hurdle near the $3,250 mark. Beyond that, key resistance levels are observed at $3191, $3,288, $3,338, and $3,359. A breakthrough above these levels could signal bullish momentum, potentially driving the price toward the $3,681 and $3,751 resistance zones.
After reaching the peak, the price fell into a wedge and started making lower lows and highs after the 12th of March, as bulls lost their traction on the daily chart.
Support Levels: On the downside, Ethereum has encountered support near the $3,066 level, with additional support levels at $3,030 and $2,830. A breach of these support levels might lead to further downside, with the price potentially testing the lower trend line of the wedge in the near term.
Resistance Levels: Ethereum faces significant resistance levels, with the first major hurdle near the $3,250 mark. Beyond that, key resistance levels are observed at $3191, $3,288, $3,338, and $3,359. A breakthrough above these levels could signal bullish momentum, potentially driving the price toward the $3,681 and $3,751 resistance zones.
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