Ethereum and the wider crypto markets are back in the red today despite a few days of positive price action.
ETH is now trading at $2590, down over 40% from its all-time high in November 2021.
This recent sell-off comes despite SEC filings revealing that banking giant Goldman Sachs wants to offer Ethereum products to its largest clients.
With Ethereum trading within a downward trend, we took a look at the ETH chart to see where it’s headed next.
A Look At The Ethereum Chart
The daily ETH chart shows that Ethereum is trading just above a year-long support level that has held successfully on several occasions.
At the same time, ETH is also approaching a resistance trendline which has been tested numerous times since November 2021.
This date is significant since it marked the top for many crypto projects including Bitcoin.
Since the support level has held for a longer period of time, there is reason to believe that this will hold better than the resistance line, indicating that Ethereum may trade higher in the coming weeks.
With huge upgrades planned for Ethereum this summer, the price of ETH should continue to trend upwards.
If ETH were to breach this long-term support level, then $1,800 is the next significant level to look out for.