Will Ethereum Hold the $2150 Support or Break Lower?
13 September 2024
Cryptocurrencies may not always be at the forefront of our analysis, but Ethereum is currently in a very interesting technical situation, testing an absolutely critical support level. This key support, marked with green on the chart at $2150, has held strong several times this year. Initially, it served as resistance back in April 2023 and flipped to become a critical support level toward the end of 2023 and early 2024. Most recently, Ethereum retested this area as a support in August and is currently testing it again in September.
The pressure on this support is mounting, and the outcome here could shape the next big move for Ethereum. If the price breaks below the green support area and the red uptrend line, it would signal a major shift in momentum, and a breakout here would be a strong sell signal.
On the flip side, if Ethereum can defend the $2150 support and break through the blue resistance at $2800 alongside the black downtrend line, that would trigger a buy signal and suggest a resumption of the broader uptrend. At the moment, however, the likelihood of a breakdown to the downside appears slightly more probable based on the mounting pressure at this key level.
Let’s watch carefully how the price behaves around these levels, as the next few days could be critical for the future trend of Ethereum.