Ethereum, Technical Analysis – H1
Ethereum, like Bitcoin, remains under strong selling pressure but is currently undergoing a local corrective rebound after bouncing from the key psychological support.
Ethereum, like Bitcoin, remains under strong selling pressure but is currently undergoing a local corrective rebound after bouncing from the key psychological support at $1,500. The nearest major supply zone is located at $1,620, where renewed bearish momentum could emerge. However, there is no certainty that price will necessarily retest this level.
Key Levels:
◽ Support: $1,500
◽ Supply Zone: $1,620
Primary Scenario:
The market is expected to remain in consolidation before the next leg lower. Within this scenario, the corrective rebound could extend toward the $1,620 supply zone.
Alternative Scenario:
A direct decline from current levels, with a break below $1,500.
Analyst Commentary:
The market continues to lull traders into a false sense of security. There is still no convincing evidence that a sustainable bottom has been established.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.