Ethereum (ETH) reaches Key Support, Has the Crypto Bear Market began?

It’s a red wave throughout the crypto world, a move that often tends to anticipate panic in broader financial markets.

High leverage among investors is currently amplifying these profit-taking moves, creating a cascading effect that is sending altcoins into a punishing bearish loop.

Bitcoin is trading around $83,000 and Solana below the $125 mark!

Has the Crypto Bear Market started already?!

While Ethereum is holding up relatively better than many of its riskier altcoin peers, it is still subject to quite an aggressive repricing and is now fast approaching critical technical zones around $2,700.

Showing some immediate buying reactions, heavy efforts will be required for Bulls to retake the momentum.

Will it hold or break?

Let's dive into a multi-timeframe Ethereum (ETH) analysis.

Read More:

• Altcoins make new lows, Total Market Cap falls below the 2021 record
• Why this Weekly Close Matters as Fear takes over US Stocks
• EUR/USD technical analysis: Spotting Mean Reversion in the 2,000 pip Range

The Crypto total Market Cap is taking another nose dive lower.

The prospects for Crypto aren't good for now, but on the long-run, it will be necessary to see if the Digital Asset Market holds above the $2 Trillion mark.

Ethereum is enduring the rough conditions of a weekly Tight Bear Channel to a 43% correction.

Now coming close to the $2,500 to $2,700 Main Support, this key level will act as a test.

A rebound here is largely possible, as the market tests the 61.8% Fibonacci Retracement of the entire move higher; A strong level of interest for Traders and Algorithms.

Below $2,500 however, the outlook is for a more downwards action.

As mentioned in our altcoin analysis form yesterday, for long-term investments, creating regular buying programs (DCA-style) around here could make sense after such a strong correction.

Nevertheless, the price action is not one of immediate rebound, so keep your risk in check.

Levels of interest for ETH trading:

Support Levels:

• $2,500 to $2,700 June Key Support (testing)
• $2,620 Session and weekly Lows
• $2,100 June War support
• $1,385 to $1,750 2025 Support
• 2025 Lows $1,384

Resistance Levels:

• $3,000 to $3,200 Major momentum Pivot
• $3,500 (+/- $50) Resistance and Descending Channel highs
• $3,800 September lows
• $4,000 to Dec 2024 top Higher timeframe pivot zone
• $4,950 Current new All-time highs

Looking closer to the intraday chart, some buying is ongoing at the lows of the Channel, 61.8% Fibonacci and the Key Support Area.

A rebound would be mostly welcome for investors but to fully break out of the downward movement, traders will need a break above the $3,000 to $3,200 Pivot.

Keep a close eye on the weekly close.

Safe Trades!

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