Ethereum: Critical support to watch after 2 key bearish signals

Investing.com - Ethereum posted a bullish weekend, as did BTC. And just like the first cryptocurrency, ETH finally ended the weekend with a drop.

Recall that Ethereum rose to a high of $ 3,188 on Saturday, the highest since May 19. But Sunday then saw a correction, which resulted in a return below the key level of $ 3,000 , with a recent low of $ 2,900.

In addition to this breakout below $ 3,000, ETH sent another important short-term bearish signal by breaking below the uptrend line that was visible since August 4th. If the fall continues below $ 2900, there will be no significant chart support to spot before the $ 2730-2700 area.

On the upside, a return above $ 3,000 would negate the immediate downward pressure.

Support of $ 2700-2730 should be held to maintain Ethereum's bullish bias
In addition, taking a step back on the daily chart, we can see that Ethereum has shown a clear uptrend since July 20, when the cryptocurrency was moving towards $ 1,750. The magnitude of the gains made since, especially thanks to the anticipation and completion of the London Fork update , means that the cryptocurrency has room to correct before questioning the underlying bullish bias.

A break below the aforementioned $ 2700-2730 support, however, would start to weaken the ETH / USD profile.

Finally, we will finally recall that theBitcoin also corrects this Monday, after stumbling on its 200-day moving average located around $ 45,000.