As a seasoned analyst with years of experience navigating the cryptocurrency market, I must say the current Ethereum (ETH) movement is reminiscent of a game of ping-pong – bouncing between support and resistance levels without much direction. The price increase by 1.60% over the last day, while not groundbreaking, indicates some stability in the market.
The weekend has started with a correction of some coins, according to CoinMarketCap.
ETH/USD
The price of Ethereum (ETH) has increased by 1.60% over the last day.
On an hourly timeframe, the price of Ethereum hovers around its current trading range, with prices fluctuating between the support level at approximately $3,578 and the resistance level at roughly $3,726.
As most of the ATR has been passed, any sharp moves are unlikely to happen by the end of the day.
Over a larger time period, it’s crucial to keep an eye on the potential bar closure at around the $3,684 mark. If a misleading breakout occurs, traders could see a quick fall towards the $3,500 to $3,600 zone in the near future.
Looking at the midterm outlook, we haven’t seen any indications suggesting a reversal yet. But the price of the primary cryptocurrency is quite distant from its crucial levels. Given these circumstances, it seems plausible that the market will move sideways within the range of $3,500 to $3,800.
Ethereum is trading at $3,668 at press time.
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2024-11-30 18:17