As a seasoned crypto investor with a few years under my belt, I’ve learned to read charts and market trends carefully before making any investment decisions. Based on the current data, Ethereum (ETH) seems to be showing some positive signs on the hourly chart, with a potential breakout if buyers can hold their ground. However, the daily chart paints a less optimistic picture, suggesting consolidation in the near term and potential downward pressure in the medium term.
Based on CoinMarketCap’s data, most coins are poised to finish their weekly trading in the bullish region by the end of the week.
ETH/USD
In the past day, Ethereum’s (ETH) value has risen by a modest 0.75%. Conversely, over the last seven days, its price has experienced a more significant decrease of approximately 6.85%.
As an analyst, I observe that every hour on the chart, the price of the leading altcoin is making its way back towards the recently established local resistance at $2,942. Should buyers manage to maintain control and build upon their recent gains, there’s a reasonable chance that we will witness a breakout beyond this level. Subsequently, the price could then push further upwards and test the $2,970 region.
As an analyst, I would assess that the daily chart presents a less favorable scenario for price action. Regardless of the closing price, the existing momentum appears insufficient to propel further gains.
As a researcher analyzing current market trends, I would propose that a price consolidation within the range of $2,900 to $2,950 is the most probable outcome for the near future.
Looking ahead to the mid-term perspective, the weekly bar is nearing the $2,850 support mark. Should selling pressure persist, it’s likely that the price will challenge the $2,600-$2,700 range by the end of the month.
Ethereum is trading at $2,932 at press time.
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2024-05-12 18:43