Ethereum, the second largest cryptocurrency in the crypto asset ecosystem in terms of market capitalization, completed 2021 at the price levels of $ 3,690, according to CoinMarketCap data. ETH, which has recorded low value increases since the first hours of 2022, started to be traded at price levels of $ 3,718.
Critical Support Levels
With the downward trend in the market, Ethereum, which has lost its value in recent months, has fallen to very critical support levels. With these bearish movements, Ethereum first lost the $4,000, then $3,900 and $3,800 support levels. Losing important support levels, Ethereum also pinned the price levels of $ 3,530, albeit momentarily, in this process. Although the leading altcoin made several attempts to attack upwards, it could not continue its value increases and received a selling reaction from the resistance levels.
Ethereum, which started trading at the price levels of $ 3,700 with the latest price movements, approached critical support levels. Analysts said that if the downward trend in the market continues, the levels to be followed for ETH are the price ranges of $ 3,620 and $ 3,585.
Resistance Levels to Watch for ETH
Analysts drew attention to the resistance levels that may create selling pressure for ETH in the short term if the market gains an upward momentum. Stating that Ethereum must overcome the $3,800 resistance in order to give positive signals for the rise, analysts stated that the resistance levels of $ 4,000 and then $ 4,150 must be overcome first in order for ETH to gain upward momentum and record high-rate value increases.
The information contained in this article does not constitute investment advice. Investors should know that cryptocurrencies carry risks due to their high volatility and should perform their transactions in line with their own research.