Just as the overall negative sentiment of the crypto markets, ETH had a rough start of 2022, losing over 20% during the first week of the new year.
Key Support levels: $3K – $2750
Key Resistance levels: $3,300 – $3,600
The past week saw a significant crypto crash where ETH went as low as $2,987 (Bitstamp) on Saturday before recovering above the $3K support level as of today.
Last Wednesday, the market entered into a sustained selloff: so far, ETH saw four consecutive daily red candles, breaking the $3,600 and $3,300 key support levels. Now, these critical levels have turned into resistance.
At the time of this writing, the price appears to have found a local bottom on top of the $3,000 psychological support, and ETH could see a temp correction towards the key resistance levels, pausing a bit the selloff momentum.
In case of a $3K breakdown, the next major support to look at is September’s low, around $2,750.