After small scale rebound, the cryptocurrency is stuck above the level of previous low in July 2021 last year. As the Luna incident subsided, the entire market is slowly recovering, at least no longer scaring like before.

By the Luna-event driven, the price of ETH has been affected as much as many other Defi tokens. This caused ETH, which performed well in the early stage, to make a large compensation of fall and broke our support level . On May.12, the price of ETH touched the level 1780,which is the low level of July 2021. Although the day’s losses were recovered a lot. The rebound in recent days has been weak, and Monday’s high-volume drop shattered the bulls’ illusions.
Conclusion: Mostly falling. As with BTC , a return to the yellow zone is a first step for the bulls. We lowered the support level to 1850. This level has the same logic as BTC’s, which is the bottom position in July 2021 and is also the half position of the pin on May 12. We set the resistance level as 2320, a new confirmation point for the bears.

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