Over the past week, Ethereum, the second largest cryptocurrency, has been hovering around the same price range, attempting to stay above the joint support of $2875 and the 38.2% Fibonacci retracement level. Despite strong support and the conclusion of Bitcoin‘s fourth halving, ETH experienced a slight surge, reaching $3144 this weekend – marking an increase of approximately 9.5%. However, it remains uncertain whether this price reversal will gather enough strength to surpass the previous $4000 peak.
Aso Ready: Ethereum Gas Fee Crashes to Three-Month Low, ETH Price Recovers to $3,100
ETH Stands Strong Above Fibonacci Support
During the crypto market’s quiet period before the Ethereum halving, the price held above $2875. This flat line on the chart corresponded with the 38.2% Fibonacci retracement mark, acting as a sturdy foundation for buyers to retake control of the market trend.
The Bitcoin halving caused a pause in Bitcoin’s rise, which in turn boosted Ether’s price to reach an all-time high of $3198. A close examination of the 4-hour chart reveals that this price surge represents the emergence of a double bottom pattern—a common technical configuration that can form at the end of a downtrend and signal an upcoming price increase.
Additionally, according to information from Lookonchain’s on-chain data, an Ethereum whale made a significant transaction. This investor withdrew 10,119 ETH from Binance, adding to their existing stash of 127,388 ETH, which is approximately $405.19 million. The average price at which they bought each ETH ($3,172) indicates a positive outlook on Ethereum’s market prospects in the long term.
This giant whale withdrew 10,119 $ETH($31.85M) from #Binance again 8 hours ago.
Since April 8, he has purchased a total of approximately 127 thousand and eight hundred eighty-eight dollars worth of ETH, which is around four hundred five million dollars, from decentralized exchanges (DEX) and Binance. The average price he paid for each Ethereum token was roughly three thousand one hundred seventy-two dollars.
— Lookonchain (@lookonchain) April 21, 2024
If the bullish trend continues, the Ethereum price could break through the $3300 resistance point, encouraging more buyers and leading to further recovery. After breaking this barrier, Ethereum might reach $3730, followed potentially by $4100.
Technical Indicator
- Exponential Moving Average: A bearish crossover between 20-and-50 EMA indicates the near-term trend is bullish but the price still trading above 100-and-200 EMA projects the long-term trend remains bullish.
- Relative Strength Index: The daily RSI slope at 44% reflects a neutral to bearish market trend.
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2024-04-21 23:31