Ethereum (ETH) Price Prediction: Key Support Levels to Watch This Week

Our Ethereum Price Prediction Summary

• Ethereum is currently stuck in a sideways trend between $2,750 support and $3,050 resistance with no clear breakout in sight.
• The failure to break above $3,050 after multiple attempts suggests that the market still has room to drop further.
• If the immediate support at $2,900 fails, the price will likely retest the local bottom at $2,750 or even drop to the $2,400 mark.

Analyzing the Charts

Current Price Action and Key Levels

Looking at the 4-hour chart, it is clear that Ethereum has not made any major moves lately. The price is currently stuck in a sideways trend. This consolidation is happening between a main support level of $2,750 and a resistance at $3,050. On a closer look, we can see a minor support level forming at $2,900 that is currently holding the price up. It is also important to note that Ethereum recently tried to break above the $3,050 resistance but was turned away. If the price fails to stay above $2,900 in the coming hours, we will likely see it drop back down to test the $2,750 support level once again.

Daily Trend Analysis

Switching to the 1-day timeframe, it is clear that the overall situation for Ethereum hasn't changed much over the last few weeks. The price is still locked in a broader downtrend. Even though the bulls recently tried to build some momentum and pushed the price toward $3,400, the bears remain in control. Ethereum is now looking back toward the $2,750 support level, which served as our previous local bottom. A retest of this area is very likely in the near future. If the price fails to hold and breaks below this floor, the current downtrend will only get stronger. In that case, the next major level we will be watching for support is the $2,400 mark. Because this downward pressure is still so persistent, our current Ethereum price prediction remains on the bearish side.

Evaluating the Weekly Trend

Lastly, if we take a glance at the weekly timeframe, we can see that the $3,050 resistance has been a major hurdle for over a month now. Because we have seen multiple rejections at this level, it looks increasingly likely that the price will drop further. If we look at how the price behaved earlier this year after Ethereum formed a weekly bearish divergence, it suggests that there is still more room for a correction. The downtrend has been quite strong so far, which means Ethereum has likely not found its final bottom yet. We expect lower support levels to come into play in the coming days and weeks before we see any signs of a major recovery or a shift in the overall trend.

Final Takeaway: What is Next for Ethereum?

Ethereum remains in a precarious position as it continues to struggle with key resistance levels. While the $3,000 mark is the psychological focus for many traders, the technical charts show that the bears are still firmly in control. The repeated rejections at $3,050 and the potential for a drop toward the $2,750 support suggest that the current downtrend is not over yet. Investors should keep a close eye on these levels in the coming days. If the local support fails to hold, we could see even lower prices before a true bottom is found. Until Ethereum can break and hold above its current resistance, the outlook remains the same.