Ethereum

2024

Resistance

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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereum-struggles-to-break-4000-resistance-as-market-sentiment-wanes" rel="noopener noreferrer nofollow">Ethereum Struggles to Break $4,000 Resistance as Market Sentiment Wanes</a><br></p>
<p style="text-align: justify">The second quarter of 2024 did not bring a positive start for the <a href="https://en.bitcoinhaber.net/indonesias-election-winners-advocate-for-crypto-and-blockchain-innovation" rel="noopener noreferrer nofollow">cryptocurrency</a> market, with investor sentiment continuing to be overshadowed by fear. <a href="https://en.bitcoinhaber.net/ethereums-dencun-update-rolls-out-on-goerli-testnet" rel="noopener noreferrer nofollow">Ethereum</a>, a leading cryptocurrency, found itself unable to breach the $4,000 resistance mark, which has shifted attention towards a potential decline. Despite the current bearish trends, the crypto market holds the potential for an upward reversal in the approaching period.</p>
<h2 id="ethereum-s-battle-with-key-price-levels">Ethereum’s Battle with Key Price Levels</h2>
<p style="text-align: justify">Ethereum’s march faced a setback with the $4,000 level acting as a sturdy barrier during March, and it has since been unable to mount a recovery. Even the $3,500 level turned from support to resistance, indicating a weakening in Ethereum’s price strength. The Relative Strength Index (RSI) slumping below the midpoint suggests that the $3,000 level might be the next critical juncture. Nonetheless, with the price still above the 200-day moving average, it suggests that the bullish trend might still have life left.</p>
<h2 id="short-term-view-on-the-four-hour-ethereum-chart">Short-term View on the Four-Hour Ethereum Chart</h2>
<p style="text-align: justify">A closer examination of the four-hour Ethereum chart reveals a period of market consolidation culminating in a breakdown from an ascending wedge—a pattern typically indicative of an ongoing bearish phase. With the RSI diving below the 30 percent threshold, it paints a picture of Ethereum being oversold, potentially setting the stage for a bounce back from the $3,000 support area.</p>
<h2 id="ecosystem-dynamics-impacting-ethereum-price">Ecosystem Dynamics Impacting Ethereum Price</h2>
<p style="text-align: justify">The ecosystem surrounding Ethereum has also mirrored the market’s lack of conviction, with inflated investor optimism potentially contributing to the recent price slump. Funding rates are a telling sign, with their current heightened levels often leading to a cascade of liquidations, which in turn undermines the chances of a sustained price rally. High funding rates reflect an overheated futures market, dampening the likelihood of Ethereum’s quick recovery.</p>
<h2 id="points-to-take-into-account">Points to Take into Account</h2>
<ul style="text-align: justify">
 <li>Ethereum’s inability to push past $4,000 could lead to a test of the $3,000 support level.</li>
 <li>The RSI below 50% on the daily chart and near 30% on the four-hour chart point to potential overselling.</li>
 <li>High funding rates in the market suggest excessive leverage, which may need to cool off before a strong rally can occur.</li>
</ul>
<p style="text-align: justify">This analysis indicates that while Ethereum faces immediate headwinds, the potential for a future uptrend remains, provided certain market conditions realign.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ethereum-struggles-to-break-4000-resistance-as-market-sentiment-wanes" rel="noopener noreferrer nofollow">Ethereum Struggles to Break $4,000 Resistance as Market Sentiment Wanes</a></h5>

Ethereum Struggles to Break $4,000 Resistance as Market Sentiment Wanes

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