Ethereum

Resistance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereums-price-adjustment-stirs-market-concerns" rel="noopener noreferrer nofollow">Ethereum’s Price Adjustment Stirs Market Concerns</a><br></p>
<p style="text-align: justify">The <a href="https://en.bitcoinhaber.net/interest-rates-and-crypto-market-fluctuations-after-fomc-meeting" rel="noopener noreferrer nofollow">cryptocurrency</a> market has recently experienced a decline in <a href="https://en.bitcoinhaber.net/bitcoin-struggles-as-value-plummets-below-66000" rel="noopener noreferrer nofollow">Bitcoin</a>‘s value, which has simultaneously caused a slump in <a href="https://en.bitcoinhaber.net/ethereum-whale-transactions-intensify-as-market-price-rises" rel="noopener noreferrer nofollow">Ethereum</a>‘s price. Investors have shown signs of worry as Ethereum’s price dipped below the $3,650 mark. Despite the short-term worries, many remain optimistic about a potential rebound in the near future.</p>
<h2 id="technical-indicators-suggest-continued-pressure">Technical Indicators Suggest Continued Pressure</h2>
<p style="text-align: justify">From a technical standpoint, Ethereum’s fall below $3,700 has been a trigger for a corrective phase. The cryptocurrency’s decline below this threshold and the 100-hour Simple Moving Average (SMA) has signaled a possibility of sustained selling pressure. The ETH/USD pair showcases a prominent downward trend line on its hourly chart, signifying the strength of the current downtrend.</p>
<p style="text-align: justify">Despite the downward trend, there are indicators that suggest a possible recovery. Ethereum has shown resilience by climbing back above the $3,500 support level. However, to solidify the recovery, the currency must break through the resistance levels at $3,650 and $3,750.</p>
<h2 id="potential-recovery-hinges-on-resistance-levels">Potential Recovery Hinges on Resistance Levels</h2>
<p style="text-align: justify">Looking to the future, if Ethereum manages to overcome these obstacles, there’s a chance it could ascend toward the $3,925 mark, potentially leading to an advance toward the $4,000 resistance level. Conversely, failure to break past the $3,650 resistance may result in another price drop.</p>
<p style="text-align: justify">Technical indicators such as the MACD and RSI suggest that Ethereum is currently on a downward trajectory. With the RSI below 50 and the MACD losing momentum in the bearish zone, the trend appears to be strongly downward. The levels to watch are the $3,500 support and the $3,617 resistance, which will likely dictate Ethereum’s price direction in the near term.</p>
<p style="text-align: justify">As for the current state, Ethereum is hovering around $3,614. Its future price actions may be influenced by Bitcoin’s movements, although Ethereum has been known to deviate from Bitcoin’s trend at times. Nevertheless, Ethereum is striving to reach the $4,000 milestone soon.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ethereums-price-adjustment-stirs-market-concerns" rel="noopener noreferrer nofollow">Ethereum’s Price Adjustment Stirs Market Concerns</a></h5>

Ethereum’s Price Adjustment Stirs Market Concerns

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