As a seasoned researcher with over two decades of market analysis under my belt, I’ve seen bull runs and bear markets come and go. Today, I find myself gazing at the Ethereum chart, trying to decipher its cryptic language. The ETH/USD pair has dipped by 1.46% in the last 24 hours, a move that could be seen as a minor setback for those who’ve been riding the bull wave.
Bears are becoming more powerful, according to CoinMarketCap.
ETH/USD
The price of Ethereum (ETH) has dropped by 1.46% over the last 24 hours.
On an hourly basis, the price of ETH appears to have breached its nearby resistance at $3,914, but this could be a false breakout. If buyers maintain control and the daily candle finishes close to that level, there’s potential for further growth towards the significant $4,000 region over the weekend.
Looking at the broader perspective, it’s crucial to keep an eye on the $3,887 mark. Currently, the price seems to have attempted another false breach of this level.
If the day ends with the candle closing well above its current level without a long wick, you can anticipate that the price might continue to increase towards $4,000.
As a researcher analyzing market trends, I’ve noticed a significant point that traders might find valuable: at the current juncture, we should keep an eye on the potential level of approximately $3,993 in the coming week. If this mark is reached and broken, it could pave the way for a potential breakout, which may then propel the market towards the range of $4,100-$4,200.
Ethereum is trading at $3,876 at press time.
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2024-12-06 17:22