On the weekly chart, Ethereum has formed a new higher high, breaking the previous level of $2,700
The daily chart provides a clearer picture of the current situation. We can see a break of structure at $2,725 and a new higher low formed at $2,300. The $2,700 price zone was significant; after breaking through it, ETH encountered some resistance and is currently experiencing slight bearish momentum
The key zones to monitor during this retracement are $2,500 and $2,400, with a daily candle closure above $2,400 being particularly crucial
If ETH resumes its bullish momentum, the next key targets will be $3,100 and $3,700. The $2,800 price zone may act as a minor resistance, but it is unlikely to prevent the price from moving higher
It’s important to note that ETH is currently sitting at a key support zone that has been retested multiple times in the past. This support zone has been retested multiple times in the past, consistently showing only wicks below it without any daily candle closures underneath. If it breaks below this zone, we may need to consider potential downside targets.
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