ETH Price Analysis: Following BTC's Fluctuations, Key Support Levels Determine Future Direction
Ethereum's recent movements have largely mirrored Bitcoin, lacking independent trends. The daily chart shows a small bearish candle with noticeable upper and lower shadows; the body is shorter compared to BTC. Trading volume remained the same as the previous day, with no significant increase or decrease signals. Currently, the daily MA30 is flat, while the MACD shows an increase in bearish momentum above the zero axis, indicating continued adjustment pressure in the short term.
From an hourly perspective, ETH initially rose and then fell, with the price retracing to the lower edge of the red oscillation zone (which is also near the daily EMA52 moving average) where it found support, followed by a slight rebound in line with BTC. Overall, ETH remains in a wide oscillation pattern; as long as the daily EMA52 support holds, the price is likely to continue fluctuating within this range.
If Bitcoin weakens further, ETH may follow suit and test the support around 2320. If this level stabilizes, a rebound is expected. A stronger support level is around 2450 (daily MA120); if prices pull back to this level, it will present a good buying opportunity.
Key Reference Levels
Resistance Levels: 2680 → 2770 → 2960 → 3060
Support Levels: 2450 → 2320 → 2200 → 2130
Currently, market correlation is strong, and ETH's movements are still dominated by BTC. Short-term traders can look for opportunities to buy low and sell high within the range, while medium to long-term investors may wait for positioning opportunities near key support levels.
