• Ethereum’s price may face significant moves this week as key economic data could impact its direction.
• A bullish divergence hints at a potential breakout, but Ethereum’s price struggles to show sustained momentum.
• Ethereum must hold key support levels around $2,400 to avoid further downside risks and maintain its uptrend.

The current price action of Ethereum (ETH) is being watched closely because key macroeconomic figures this week can have strong effects. According to Michael van de Poppe, Ethereum’s current trajectory could lead to an upside movement. Even so, there is a lot of uncertainty in the market and ETH might experience sizeable price moves soon because of key technical issues.

Source: X

Upcoming events could influence ETH prices as various economic indicators are released. Broad market reactions to the latest data may strongly affect Ethereum’s price move. There are reasons to believe that ETH may soon rise, but it has not yet demonstrated a major increase. The appearance of a bullish divergence on the charts could mean the coin is about to break out, even though it is hard to tell exactly when.

ETH’s technical structure hints at positivity, yet the recent market hasn’t treated the coin well. The lack of movement in the cryptocurrency market for some time has made many investors see it as uncertain. However, the price of ETH has increased significantly since April, providing some reassurance to long-term holders. Even so, the steady progress in recovering earnings has led some people to question whether the business can continue to perform well.

Source: X

Rose Premium Signals predicted that the market would continue to move down in the short term. ETH has broken its ascending trendline, a significant technical event. This change in the trend caused the price to retest, but it is now moving lower toward the first important area of support. The retest rejection validated the bearish pressure, which now makes Ethereum prone to a possible downward movement.

Source: X

People are now carefully watching the support levels for Ethereum. Cryptocurrency needs to hold the $2,471 level as the next significant support zone. If the currency cannot hold above $2,400, there may be a slide down to $2,400. Since the trend is still slow, a return of ETH to the broken trendline would be necessary to suppose a bullish trend. As of now, ETH is trading at $2,614, up by 3.01% over the past day.

In order for ETH to stop falling, it has to bounce back above the trendline and increase. If this situation appears, the market might edge toward bulls which could bring a breakout. If the cryptocurrency does not improve, the downward risks will persist, meaning this week becomes very important for ETH .

Read More: Ethereum’s Monthly Chart Has a “Morning Star”: Is a Rally Coming?