Ethereum edges above $3,000, crossing the 100 EMA, but despite the breakthrough, there is a possibility of a bearish reversal seen on the ETH/USD price chart. The climb, while positive, shows signs that it might not have the steam to break through the 26 EMA convincingly. This short-term moving average is proving to be a tough resistance for the second-biggest cryptocurrency, but it should not.
Unfortunately, the number of Ethereum trades is decreasing, which could be a warning sign. A drop in trading volume might mean that the recent price surge may be losing steam. Volume plays a significant role in market trends, and the lack of it during an uptrend can be concerning. When prices rise with low volume, it may indicate weak buyer interest, and the current price movement could be unsustainable.
If the price manages to break through the $3,236 resistance represented by the 26-day moving average, we may witness a stronger upward trend. Conversely, if it falls short of this mark, there’s a chance of seeing prices drop further towards approximately $2,890, acting as a potential support level.
The coming days of Ethereum‘s price development are unclear. A higher trading activity is essential to keep up the current upward trend near $3,000. Without this boost, the optimistic expectations for significant growth following the price surge may not materialize.
Ethereum has seen some price increases, but the relatively low trading volume casts doubt on how long it can stay above $3,000. For the upward trend to continue, there needs to be a significant boost in trading activity and market liquidity. Otherwise, it’s unlikely that the rally will persist.
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2024-04-23 12:36