Ethereum

Rally

Resistance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereums-price-rally-faces-profit-taking-threats" rel="noopener noreferrer nofollow">Ethereum’s Price Rally Faces Profit Taking Threats</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/ethereums-integrity-questioned-amidst-alarming-accusations" rel="noopener noreferrer nofollow">Ethereum</a> (ETH), the prominent smart contract platform, has recently rebounded from a weekly low, trading at $3,642, fueling anticipation for a potential all-time high. Despite this upward trend, the pattern of ETH holders selling their holdings for profit poses a significant risk to the continuation of the price surge. These sales are evidenced by substantial transfers of ETH to exchange wallets, indicating a readiness to cash out.</p>
<h2 id="alert-on-potential-sell-offs">Alert on Potential Sell-Offs</h2>
<p style="text-align: justify">In the past ten days, market data has shown a considerable outflow of approximately 374,130 ETH from personal wallets to exchanges, translating to over $1.36 billion. This trend has persisted in the last 24 hours, with a sell-off of 52,030 ETH worth $190 million. The movement of tokens to exchanges often precedes a dip in price due to increased selling pressure.</p>
<h2 id="support-and-resistance-levels-to-watch">Support and Resistance Levels to Watch</h2>
<p style="text-align: justify">Ethereum’s price recovery positions it above both the 50 and 100-day exponential moving averages (EMAs), lending a positive outlook to the currency. Nevertheless, should profit-taking persist, the <a href="https://en.bitcoinhaber.net/soaring-expectations-fuel-crypto-markets-prospects" rel="noopener noreferrer nofollow">cryptocurrency</a> may find its next support at the 100-day EMA, approximately $3,336. A further decline could see ETH testing support at the $3,031 level, aligning with the 23.6% Fibonacci retracement point.</p>
<p style="text-align: justify">Alternatively, if Ethereum can maintain momentum and convert the critical 61.8% Fibonacci level into support, optimism may be restored, potentially dismissing the bearish scenario. A successful breach of the $3,830 mark, which corresponds to this level, could signal a further climb in Ethereum’s value, potentially leading to a new peak.</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-rally-faces-profit-taking-threats" rel="noopener noreferrer nofollow">Ethereum’s Price Rally Faces Profit Taking Threats</a></h5>

Ethereum’s Price Rally Faces Profit Taking Threats

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