Ethereum started the week losing almost 5% but recovered as the it found support at $2,880. It closed that session gaining a few percent. Ether saw more uptrends on Tuesday as it also closed a little higher than it opened the session.
The second intraday period marked the end of the two-day increase as it was followed by high volatility that saw the bears gradually tighten their grip on the market. Seeing minimal losses on Wednesday, Thursday was different as ETH dipped by more than 3%.
Currently down by a few percent, ether lost the $3,000 support and is holding on to the $2,900 support. The continuous decrease in demand concentration at critical levels has resulted in failure to halt the recurring corrections.
However, since flipping $2,800 as resistance on March 18, ETH has experienced more uptrend and retested the $3,500 resistance. Unfortunately, the bulls were unable to continue the surge, leading to weeks of bearish dominance.
We observed the increased demand concentration around $3,000. An indication of this is that most trading activities over the last 14 days have been around this level. A change in pattern may be upon the largest alt this weekend.
Ethereum May Retest $2,800
In addition to trading close to the highlighted mark, it is also worth noting that weekends have been almost unpredictable in the last three weeks. While some of the last two days of the intraweek session ended with no significant losses or gains, others defined the entire performance during the seven-day period.
We may see one of the two scenarios unfold this week. In the first instance, no added increase or losses will be recorded as Saturday may be bullish and Sunday being the opposite may erase the accumulated gains.
If the second event happens, ETH will lose the $2,900 support. The last three intraweek sessions suggest that ether may experience sellers’ congestion during the first intraday session. The $2,800 support may be tested on Monday.