Facing a rejection earlier this month, Ethereum lost momentum and took a little break in bullish. However, it later located support and regained strength. Currently, the price is back in an upward range. Exactly a week ago, Ethereum lost grip above the important $4,000 level after rejecting its all-time high (ATH) in the preceding week. That struck a major sell-off last week and the price dropped into the $3,500 range, causing a serious panic amongst short-term traders and investors. Surprisingly, that price range held well as support and the price bounced back, restoring hope for a long-term buyer. The asset has recovered nicely over the past week but is yet to reclaim the lost important level following a slight rejection earlier today. Looking at the market from a technical perspective, the price is likely to explode anytime soon. As we can see on the price chart, Ethereum is poised for a fresh surge in volatility, especially when we consider the daily higher high and higher low formation from around the $2,400 level in November. A successful break above the ATH should set the asset for another ballistic move. Currently, the bulls are gaining dominance. If by any chance they lost control of the market, the price may revisit last week’s low range to form base support (as a double-bottom) before initiating a mega rally. ETH’s Key Level To Watch Source: Tradingview As of now, the $3,780 and $3,500 levels are acting as support areas. If these levels fail, Ethereum may navigate $3,255 and $3,015 for support. Looking ahead, the $4,094 ATH is an important level to watch. A break above it could skyrocket the price to $4,500 and $5,000 in the near term. Key Resistance Levels: $4,094, $4,500, $5,000 Key Support Levels: $3,780, $3,500, $3,255 Spot Price: $3,948 Trend: Bullish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: promesaartstudio/ 123RF // Image Effects by Colorcinch
