Ethereum (ETH/USD) Key trading levels, The Week Ahead 03rd March
Ethereum (ETH/USD) remains in a bearish trend, aligned with the longer-term prevailing downtrend. The price action suggests continued selling pressure, with critical resistance and support levels defining the next move.
Key Technical Levels
Immediate Resistance: $2,490 (previous support, now acting as resistance)
Major Resistance Levels:
$2,634
$2,785
Key Support Levels:
$2,100
$2,016
$1,906
Bearish Scenario: Rejection at $2,490
If ETH fails to break above $2,490, it would confirm the resistance level’s strength.
A bearish rejection from this zone could lead to renewed selling pressure.
Downside targets include $2,100, followed by deeper support at $2,016 and $1,906 over the longer timeframe.
Bullish Alternative: Breakout Confirmation
A daily close above $2,490 would invalidate the immediate bearish outlook.
A sustained breakout could trigger an upward move toward $2,634 as the next resistance level.
A continuation of buying momentum could lead to a rally toward $2,785, reinforcing a potential shift in market sentiment.
Conclusion
ETH/USD remains bearish unless it can reclaim and hold $2,490 as support. A rejection from this level could extend the downtrend, while a breakout above resistance would signal a potential trend reversal. Traders should monitor price action closely around these levels for confirmation of the next move
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Key Technical Levels
Immediate Resistance: $2,490 (previous support, now acting as resistance)
Major Resistance Levels:
$2,634
$2,785
Key Support Levels:
$2,100
$2,016
$1,906
Bearish Scenario: Rejection at $2,490
If ETH fails to break above $2,490, it would confirm the resistance level’s strength.
A bearish rejection from this zone could lead to renewed selling pressure.
Downside targets include $2,100, followed by deeper support at $2,016 and $1,906 over the longer timeframe.
Bullish Alternative: Breakout Confirmation
A daily close above $2,490 would invalidate the immediate bearish outlook.
A sustained breakout could trigger an upward move toward $2,634 as the next resistance level.
A continuation of buying momentum could lead to a rally toward $2,785, reinforcing a potential shift in market sentiment.
Conclusion
ETH/USD remains bearish unless it can reclaim and hold $2,490 as support. A rejection from this level could extend the downtrend, while a breakout above resistance would signal a potential trend reversal. Traders should monitor price action closely around these levels for confirmation of the next move
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.