The recent strong sell-off in the cryptocurrency market is slowly becoming a thing of the past. Bitcoin, which last week dropped below $30,000. USD, today it is approaching the $40,000 mark. USD. One can also observe a significant rebound in the price of other cryptocurrencies, including Ethereum, where prices are already 60% above the lows from May 23rd.
Technically looking at the Ethereum chart, buyers managed to break above the downtrend line. Nevertheless, the upward move slowed at $ 2,910, which remains a key resistance in the short term. Should a break higher occur, the next major resistance levels are located at $ 3,140 and $ 3,510. On the other hand, the lower limit of the 1: 1 structure at $ 2,505 should act as a support.
Ethereum interval H1. Source: xStation5
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