Ethereum

Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-faces-resistance-at-4000-milestone/" data-wpel-link="internal">Ethereum Faces Resistance at $4,000 Milestone</a><br></p>
<p style="text-align: justify">Despite the successful implementation of <a href="https://en.coin-turk.com/uk-treasury-proposes-excluding-cryptocurrencies-and-derivatives-from-the-secured-digital-securities-zone/" data-wpel-link="internal">Ethereum</a>‘s (<a href="https://en.coin-turk.com/ethereums-market-outlook-amid-recent-price-declines/" data-wpel-link="internal">ETH</a>) latest upgrade last week, the ETH price witnessed a strong selling pressure with a correction of over 10%, failing to hold the $4,000 resistance level. While <a href="https://en.coin-turk.com/bitcoin-btc-soars-beyond-27000-an-exciting-rebound-in-the-cryptocurrency-market/" data-wpel-link="internal">Bitcoin</a> experienced some recovery over the weekend, ETH continued to be under the control of bears.</p> 
<h2 id="ethereum-s-struggle-with-the-4-000-target">Ethereum’s Struggle with the $4,000 Target</h2> 
<p style="text-align: justify"><strong>Ethereum</strong> price has seen a significant drop of over 10% from its recent high of $4,000. Despite this decline, a significant portion of ETH holders, who make up 89% of the network, are still in profit, which could underscore resilience amid market volatility. Important on-chain data from <strong>IntoTheBlock</strong> reveals potential support levels for ETH’s price trajectory. Notably, the largest concentration of on-chain selling volume is observed around $3,700, where approximately 991,000 addresses collectively purchased 4.35 million ETH.</p> 
<p style="text-align: justify">This situation could indicate that market dynamics are ready to revolve around this critical level, presenting a challenging barrier to further price gains. Investors are closely monitoring <strong>ETH’s</strong> price movements, focusing on key support and resistance levels, with the $4,000 range emerging as a significant psychological criterion. Ethereum’s price trajectory could indicate that it is currently trading below $3,700 and the 100-hour simple moving average (SMA).</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-329795 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/eth.jpeg" alt="" width="1024" height="461"></p> 
<h2 id="potential-upswing-scenario-for-eth">Potential Upswing Scenario for ETH</h2> 
<p style="text-align: justify">Experts suggest that near-term resistance appears close to the $3,650 level, with a significant downtrend line forming. Additionally, the <strong>ETH/USD</strong> hourly chart could face a hurdle at $3,660. Analysts then identified significant resistance barriers near the $3,750 level, which could represent the 50% Fibonacci retracement level of the recent drop from $4,084 to $3,414. The next major resistance lies at $3,830, and breaking it could potentially catalyze an upswing momentum.</p> 
<p style="text-align: justify">In an upswing scenario, the <strong>cryptocurrency</strong> could see a rise towards the $3,925 level. Further gains could lead to testing the critical $4,000 resistance, with potential for more gains towards $4,080. Conversely, failing to surpass the $3,650 resistance could trigger a new decline. The initial support is expected around $3,520, followed by a more significant support zone around $3,500. If selling pressure intensifies, Ethereum could target the $3,420 support zone and potentially extend losses towards the $3,350 and $3,250 levels.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/ethereum-faces-resistance-at-4000-milestone/" data-wpel-link="internal">Ethereum Faces Resistance at $4,000 Milestone</a></h5>

Ethereum Faces Resistance at $4,000 Milestone

Table of Contents

COINTURK NEWS

Other articles published on Mar 18, 2024

Arbitrum whales make moves, Will the token recover?

Bitcoin: Crucial Fed Decision for Future BTC Price to Be Announced This Week, Here's Catch

Ripple Exec Not a Fan of Recent Actions Taken by the SEC

Polygon (MATIC) Price Faces Downward Pressure

XRP is now trading on the treasury-approved Atlantis crypto platform

Despite XRP’s ‘loser coin’ narrative, is a price surge coming?

Join our free newsletter for daily crypto updates!