Ethereum is about to end this week in the red. The bears were able to push the price down since nailing this week’s high at $3547. Currently, the daily MA-20 line acts as a solid support level, and the bulls struggle to hold it.
The Daily Chart
Technical analysis by Grizzly
On the daily timeframe, ETH dropped towards the daily MA20 (moving average) line after the bulls failed at the significant daily MA200.
Now the big question is whether the uptrend is over? To answer this question, it is necessary to determine the critical support and resistance levels.
As shown in the following chart, the daily MA50 (marked yellow) and MA100 (marked blue) are very close to each other, which can act as a strong psychological support level (marked green).
It is safe for the bulls as long as ETH is trading above this support. Conversely, correction is still possible if ETH does not reclaim above the resistance at $3580 or the daily MA200 line.
Moving Average Levels