ETH Daily 7th May min kTO0bB

ETH is Fighting at Key Support Before Possible Further Drop: Ethereum Price Analysis

The cryptocurrency market has calmed down after the massive drop over the last two days. Currently, ETH lies on top of a critical support level, which most analysts refer to as a key level developed over the previous 12 months.
Technical Analysis
Technical Analysis By Grizzly
The Daily Chart
On the daily timeframe, after the bears pushed the price down more than 10% over the past two days, the weekend has been relatively stable.
However, is this calm before a giant storm?
ETH moves upward inside an ascending channel (yellow), confirming the upward trend – forming higher highs and higher lows. Suppose the bulls can maintain the price in this trajectory, we can expect the horizontal resistance at $3000 to be tested again.
On the other hand, if the price continues down, the long-term dynamic support (in green) at $2,500 could be a possible area of support. At the moment, The selling pressure has decreased a little. However, the buyers have not yet dominated the market.

Key Support Le

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