As a seasoned crypto investor with a decade of market fluctuations under my belt, I find myself intrigued by the current state of Ethereum (ETH). With a drop of 0.73% over the last day, it’s a minor setback that doesn’t deter me.
According to CoinMarketCap, most of the coins are currently holding steady within a favorable range, but there are a few instances where this isn’t the case.
ETH/USD
The rate of Ethereum (ETH) has fallen by 0.73% over the last day.
On the hourly chart, the price of ETH is currently situated within its local trading channel. This means it’s between the support level at $3,317 and the resistance level at $3,402. If the current upward trend persists and touches the upper boundary, a potential breakout could occur, leading to a test of the range between $3,420 and $3,440.
Over a larger time period, it’s crucial for traders to focus on the closing price in relation to the resistance level at approximately $3,387.
If the daily candle finishes higher without a large wick, there could potentially be sufficient momentum to reach the $3,500 level.
A comparable image is visible on our weekly graph. If purchasers can maintain their advantageous position and the line ends near the current levels, the upward trend could extend to the $3,600 zone before the month concludes.
Ethereum is trading at $3,367 at press time.
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2024-11-23 13:26