Ethereum (ETH) Price Bounces From Weekly Lows Near $2,170.00

Published by
Ethereum (ETH) Price Bounces From Weekly Lows Near $2,170.00

Ethereum (ETH) price traded mildly lower on Wednesday after the two consecutive sessions of gains. Ether keeps eye on the immediate upside target at $3,000. At the press time, ETH/USD is changing hands at $2,754, down 1.25% for the day.

  • Ethereum (ETH) price exhibits a short-term bullish outlook on the weekly chart.
  • The ascending trend line breaks depict a strong support level for the pair.
  • Double support around $2,170 provide grounds for the upside momentum

Ether has been observing some resilience around the crucial support level. Traders look for some confirmation to dive into the next price action.

Advertisement

Ether Looks for U-turns on Weekly charts

Source: Trading view

On the weekly charts, the Ethereum (ETH) has formed a ‘Spinning top’ on November 8 that resulted in a 45% depreciation in the value.  Traders found the support near the $2,170, the levels bulls have tested thrice in the past. Thus making it a crucial level to trade.

Furthermore, the ascending trend line from the lows of $551.45 in the third week of December provided the support for the bulls to maintain the upside momentum.

The bullish slop line has been tested twice in the third week of July, and once again in the second week of January. However, this time sellers overpower and drag the price to test the horizontal support line at $2,170.

The momentum oscillator, the daily relative strength index (RSI) holds onto the oversold zone, which keeps the bulls hesitant to make any aggressive bets.

The first upside target could be found at the psychological $3,000. Furthermore, a weekly close above the mentioned level could force the price to jump almost 33% towards the $4,000 level.

 

Advertisement

Share
Rekha chauhan

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Price Analysis

XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone

XRP price remains under intense pressure as woes in the crypto market industry continue. Ripple…

October 22, 2025
  • Price Analysis

Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK

The Chainlink price recently rebounded sharply from the $16 demand zone, an area that has…

October 22, 2025
  • Price Analysis

Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes

Plummeting Pi Network price may be preparing a significant short squeeze after forming a rare…

October 21, 2025
  • Price Analysis

Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card

The Solana price is attempting a mild recovery after a recent consolidation phase, with the…

October 21, 2025
  • Price Analysis

XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?

The crypto market remains steady as XRP price consolidates within a well-defined structure on the…

October 21, 2025
  • Price Analysis

Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing

Ethereum price is showing renewed strength after an analyst projected a move toward $8,000. The…

October 20, 2025