As a researcher with extensive experience in the cryptocurrency market, I believe that Ethereum (ETH) is at a pivotal moment as it approaches the critical support level of $3,360. The outcome of this price battle between bulls and bears could significantly impact Ethereum’s short-term price trajectory.
As an analyst, I’m observing that Ethereum (ETH) is approaching a pivotal moment as it hovers near the crucial support level of $3,360. This price threshold has gained significance in recent trading activities, and I’m keeping a close eye on how ETH behaves at this juncture. Will it hold its ground, or are we bracing for more downward pressure?
In this piece, we delve into the significance of the $3,360 mark for Ethereum’s price movement, acting as a pivotal point where bullish and bearish sentiments clash. The direction at this juncture could shape Ethereum’s near-term price trend. Through the application of technical indicators, we will examine the potential price consequences should Ethereum face a refusal or a breakthrough at this critical level.
As a crypto investor, I’m observing that Ethereum is currently priced at approximately $3,387 at the moment. Unfortunately, it has experienced a decrease of 1.62%, causing its value to dip slightly. Ethereum boasts a substantial market capitalization surpassing $407 billion and a robust 24-hour trading volume exceeding $11 billion. Notably, its market capitalization has seen a decline of 1.52% over the last day, while its trading volume has experienced an impressive increase of 32.02%.
Will $3,360 Support Hold Or Break?
On the 4-hour chart, Ethereum’s price has noticeably declined to around $3,360 and now hovers below its 100-day Simple Moving Average (SMA). At present, the price action displays signs of consolidation, lying just above this average.
The 4-hour RSI of Ethereum, which measures the strength of its recent price action, suggests that the cryptocurrency’s price may fall further and follow a downward trend since the RSI line has slipped below the 50% mark and could potentially dip into the oversold territory.
Examining the one-day graph, it’s clear that Ethereum is making an effort to dip beneath its 100-day simple moving average. Despite Ethereum’s overall bullish trend, its recent price behavior could potentially lead to a more significant decrease in the future.
Based on my research and analysis of the crypto asset’s price movement and technical indicators, I can propose that there’s a potential for a bearish trend emerging. Specifically, the 1-day Relative Strength Index (RSI) indicator has dropped below the 50% mark and is heading towards oversold territory. This bearsish signal from the RSI aligns with the possibility of the crypto asset breaking below the $3,360 support based on the current price trend and technical formations.
Ethereum’s Path Beyond $3,360
Delving deeper into Ethereum’s potential and plans surpassing the $3,360 mark, it came to light that should the ETH price drop beneath this figure, it could potentially slide down to challenge the $3,051 support zone. If this support level succumbs, further downward pressure may cause ETH to test the $2,865 support level and possibly other lower thresholds.
As a researcher studying Ethereum’s price movements, I’ve identified key support and resistance levels for the cryptocurrency. If ETH‘s price fails to hold above the $3,360 support, it may initiate an upward trend toward the next resistance at $3,659. Should ETH surmount this resistance, it could continue climbing to challenge higher levels, such as $3,975 and potentially beyond.
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2024-06-30 01:41