Despite the recent 15% rally in the ETHUSD price from the $312 lows, the second-biggest cryptocurrency in the world is still looking very bearish as Ethereum bulls continue to battle the $358 resistance region.
This region is very important because it is a key level that as served as both support and resistance for the ETHUSD price in the past, meaning that a lot of crypto traders will be watching this region closely to see how price reacts there.
Yesterday, we saw the Ethereum price brake above this $358 resistance region, getting as high as $363 before crashing back down and closing below the key resistance.
This clearly indicates that there is a lot of bearish pressure building up in that region and we might see the Ethereum price crash continue in the coming days.
Important Levels To Watch
The $358 key level is the first price region to keep an eye on in the coming days. A price break and close above this resistance could see the ETH/USD price picking up more momentum and pushing higher in the coming days.
However, if Ethereum fails to break through this resistance, then there is a high probability ETH traders will begin selling the Altcoin hard come Monday.
The important support to watch for in the coming days is the $320 lows the Altcoin recently crashed to and then rallied from.
A price crash below this region could see the Ethereum price becoming very weak and crashing as low as $300 or even $280 in the coming days.
This crash is very likely going to drive the whole Defi community down with it if it happens.
What Is Ethereum Doing Right Now?
The ETH/USD price is currently ranging between the $320 support region and the $358 resistance region.
It is important you wait for one of these regions to break before entering a trade will help you avoid entering early and increasing risk and uncertainty in your trade.
You want to also avoid getting caught up in a potential sideways market that might come into play if ETH traders still cannot decide in what direction there want to push the price come next week.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With.