The First Test of Support on Ethereum Price Was Successful So Far

With the crypto sell off the last 48 hours we saw many coins come down to key short-term levels. Ethereum was no different testing to levels we have discussed in the past.

ETH Price Bounces off Support....

As you can see price is anything but out of the woods. However, we did have an intraday spike and test of two key levels.

$510 long established

The $510 level is a key level form back in April of 2018. It marked the end of the rebound attempt after the "bubble burst" so to speak.

That was the first level I had my eye on. As you can see price spiked through it but was able to rally and close above on each of the past two daily candles.

This is a good sign for the bulls.

New $480 Pivot Point

Next was the $480 area which represented a pivot high on the prior up move in 2020.

On this last move you can see price briefly failed here before breaking out and sending price on the explosive run it had in November.

That level, though new is very important. If eth price was to fail there than the entire November move would be at risk.

Waiting on clarity

Though the last two closes boded well for price, this current daily candle is only an hour old so there is a long way to go.

Having it close above $510 would be best case, but holding $480 is a necessity.

Posted Using LeoFinance ^Beta