Ethereum (ETH) Price Analysis
Ethereum (ETH) has registered a recovery during the current session after registering a substantial decline over the weekend. ETH lost momentum over the weekend after failing to push above $2,700 due to strong selling pressure, indicating that sellers were actively defending the level. ETH mainly remained positive last week despite a substantial decline on Wednesday when sellers dragged the price to $2,580. However, it recovered the following session, rising by just over 2% to reclaim $2,600 and settle at $2,633. By Friday, it had risen to $2,639 after an increase of 2.39% as bulls continued to build momentum.
However, ETH fell back into the red over the weekend as sellers overwhelmed buyers at upper levels. As a result, ETH dropped by 0.73% on Saturday and 0.67% on Sunday to end the weekend at $2,659. Selling pressure intensified on Monday as ETH dropped by 2.03% to settle at $2,603 after recovering from a day low of $2,576. The current session sees ETH back in the green, with the price up by almost 2%, trading at $2,648. Bulls will set their sights on two key levels, $2,700 and $2,850. Both levels will see a hotly contested battle between buyers and sellers.
Both levels are expected to be vigorously defended by sellers. Should ETH push above $2,700, it could rally to $2,850, a critical level. If this level is breached, ETH could move to $3,000, indicating a definitive reversal of the bearish trend. On the other hand, if ETH is rejected from $2,700, we could see a decline to $2,500
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