Ethereum recently was able to pass a crucial price of 500$, before being able to go higher and give a push for the beginning of altseason. In this article we are going to discuss major price levels for Ethereum, resistance and support to hold. Please remember that this is not a financial advice, do your own research and trade wisely.
Ethereum is trading around 510$ at this moment with the recent pullback of Bitcoin trying to test the support of 18380$, but as we all know, prices are related to the trend of Bitcoin. In the chart shown above you can clearly see two strong support lines for Ethereum, the first is around 502$, and the second is 487$. Holding the first support line is an indicator that the uptrend is still in game, and falling below the first support line will lead us to range between 487 and 500$ for few days before the next move.
On larger time frame, the next resistance to test is around 552$ and 616$, being able to stay above 502$ will eventually lead to the beginning of altseason, as Bitcoin dominance have been testing resistance levels and failing to pass, any pullback of BTC Dominance will pump the rest of Altcoins.
For the next fue days, before entering any trades on ETH, it is necessary to observe BTC price action and the indicators to be able to define properly if the uptrend is intact, in case of staying in the uptrend, next target will be around 540-550$.
This was a brief summary for the technical analysis of Ethereum, please remember to check the chart in the thumbnail and observe wisely Bitcoin.
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