Ethereum (ETH) Could Dip Further as Key Support Weakens; Dogecoin (DOGE) Meme Coin Must Reclaim This Level for a Chance to Rally
Ethereum (ETH) and Dogecoin (DOGE) are two major cryptocurrencies that have been on traders’ radars lately, and analysts are closely watching critical support levels that could determine their near-term price trajectories.
What you'll learn 👉
Ethereum: Crucial Support at $3,000
According to Rekt Capital, Ethereum has been struggling to break its current downtrend, and a few weeks ago, it was expected to face resistance in the $3,071 area (blue circle). However, Ethereum has lost the $3,071 level (black level) as support and is now approaching the Range Low at $2,791 (orange circle).
The analyst emphasizes that previous revisits to the orange circle level occurred via downside wicks, while now Ethereum is approaching this level with candle closes, showcasing a weakening in the support strength of this region.
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Moving forward, if Ethereum rebounds from the $2,791 level and turns $3,071 (black level) into new resistance, the chances are high that the $3,051 level (orange circle) could also give way as support. Analysts note that Ethereum has not lost the red level as support in years, so it would be interesting to see how the price reacts to that level.
On the monthly chart, the key level for Ethereum is the psychological $3,000 level (light blue). In mid-2021, Ethereum held this level while downside wicking into the orange circled level before moving higher. Last month, Ethereum preserved this level as support, but this month it is slinking below it. Analysts emphasize the importance of the $3,000 level not turning into new resistance in the coming weeks, as it could weigh down on the orange circled support.
Dogecoin: Reclaiming $0.153 as Support
Dogecoin (DOGE) has been in a macro downtrend, and analysts have been discussing the retest of this downtrend as new support. DOGE has successfully rebounded from the macro downtrend, retesting it as support around $0.12.
However, to move higher, DOGE will need to reclaim the $0.153 level (green level) as support. This level has been keeping DOGE from rising further, and until it is reclaimed as support, DOGE is expected to continue meandering, possibly even forming a new higher low.
Analysts will be closely monitoring these key levels for Ethereum and Dogecoin, as their ability to hold or break through these crucial support and resistance areas could significantly impact their near-term price movements.
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