As a seasoned researcher with extensive experience in cryptocurrency markets, I find the current situation of Ethereum (ETH) intriguing. According to CoinStats, most coins are yet to show signs of reversal. The hourly chart for ETH shows that the price has dropped by 5.29% since yesterday and is currently sitting in the middle of a local channel, sandwiched between support at $2,809 and resistance at $3,108. With most of the Average True Range (ATR) having been traversed, there are few chances for any significant price movements before the end of the day.
Most of the coins are far from a reversal, according to CoinStats.
ETH/USD
The price of Ethereum (ETH) has dropped by 5.29% since yesterday.
On the hourly chart, the price of Ethereum (ETH) is currently situated in the middle of its local price range. This lies between the support level of $2,809 and the resistance level of $3,108. With much of the Average True Range (ATR) having been surpassed, it’s unlikely that significant price swings will occur before the end of the day.
On a day-to-day basis, the primary altcoin’s price appears to have breached its support of $2,814 incorrectly. It is crucial now to monitor the closing price.
As a crypto investor, if we approach the $3,000 price point, the bulls could regain control of the market, potentially pushing the price up towards $3,100.
Based on a mid-term perspective, it is recommended for traders to pay close attention to the closing of weekly candles. A weekly candle closure in proximity to its low may indicate a potential support breakdown, leading to a significant price movement towards the $2,600 zone.
Ethereum is trading at $2,984 at press time.
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2024-07-05 19:00