Why is this an important level? The weekly trend line is a major long term trend line that everyone was watching (and hoping) would hold in '22. As soon as it broke, price collapsed creating large amounts of Eth bagholders (May22 Eth Bagholders).
You can expect that once this $2580 price is reestablished, there will likely be volatile action over the next few hours with price going slightly higher, possibly up to ~$2700 level, and definitely lower as the May22 Eth bagholder gets back break even, and most likely out with a small profit causing near term selling pressure. This may all happen over the course of a few hours. #Ethereum
You can expect that once this $2580 price is reestablished, there will likely be volatile action over the next few hours with price going slightly higher, possibly up to ~$2700 level, and definitely lower as the May22 Eth bagholder gets back break even, and most likely out with a small profit causing near term selling pressure. This may all happen over the course of a few hours. #Ethereum