Ethereum

Accumulate

Resistance

Daily

<ul class="list-ic vertical">
 <li><span>1</span> <a>Ethereum price gained momentum and slowly &amp; steadily returned to track.</a></li>
 <li><span>2</span> <a>Buyers have started accumulation and are eyeing the $3500 level.</a></li>
</ul>
<p>The ETH price has rebounded from the 100-day EMA mark and noted a bounce of over 11% this week. Moreover, the coin has picked strength and has retested the downward-sloping trendline hurdle near $3300. Furthermore, the price action signifies the buyer accumulation and trades above the 38.2% Fibonacci support zone. Despite the market correction and panic selloff across the crypto market, Ethereum’s second top crypto asset decisively held gains and sustained above the demand zone of $3000.</p>
<p>At press time, the Ethereum coin (ETH) price traded at $3235.09 with an intraday gain of 1.10%, reflecting a rebound on the charts. It has a monthly return ratio of -2.09% and 78.90% yearly. The pair of ETH/BTC is at 0.0485 BTC, and the market cap is $394.70 Billion. Analysts are bullish and suggest that the ETH coin may stretch the pullback and will soon cross the $3500 mark.</p>
<h2 class="wp-block-heading" id="strong-eth-price-volume-profile-analysis-on-daily-chart-strong"><strong>ETH Price Volume Profile Analysis On Daily Chart</strong></h2> <iframe loading="lazy" title="Santiment Chart: Price (ETH), Volume (ETH)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=xrp&amp;pt=XRP&amp;df=2023-10-23T18%3A29%3A59.476Z&amp;dt=2024-04-23T18%3A29%3A59.476Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bethereum%3BETH%5D%3B%5B1%3Bvolume_usd%3Bethereum%3BETH%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p>The ETH crypto showcases a retracement on the daily charts and has displayed a bullish pennant pattern in lower-low swings. However, the coin has settled the gains and retained the 50-day EMA mark, conveying the buyer’s accumulation. Additionally, the ETH coin has reverted from the demand zone of $3000, and buying momentum was displayed this week. The intraday trading volume jumped over 3.89% to $10.12 Billion.</p>
<h3 class="wp-block-heading" id="strong-price-volatility-and-weighted-sentiment-outlook-strong"><strong>Price Volatility and Weighted Sentiment Outlook</strong></h3> <iframe loading="lazy" title="Santiment Chart: Price Volatility 1d (ETH), Weighted sentiment (Total) (ETH)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=xrp&amp;pt=XRP&amp;df=2023-10-23T18%3A29%3A59.476Z&amp;dt=2024-04-23T18%3A29%3A59.476Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_volatility_1d%3Bethereum%3BETH%5D%3B%5B1%3Bsentiment_volume_consumed_total%3Bethereum%3BETH%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe>
<p>Amidst the significant rebound of over 1.20% in the intraday session, the ETH crypto displays a decline in <a href="https://www.thecoinrepublic.com/2024/04/23/bitcoin-price-btc-forecast-trend-outlook-post-halving/" target="_blank" rel="noopener noreferrer nofollow">price </a>volatility of over 46.90% to 0.050, displaying a neutral outlook. However, the weighted sentiment looks neutral and stayed near the midline around -0.233.</p>
<h3 class="wp-block-heading" id="strong-social-dominance-and-x-followers-overview-strong"><strong>Social Dominance and X Followers Overview</strong></h3> <iframe loading="lazy" title="Santiment Chart: Social Dominance (ETH), Twitter Followers 7d (ETH)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=xrp&amp;pt=XRP&amp;df=2023-10-23T18%3A29%3A59.476Z&amp;dt=2024-04-23T18%3A29%3A59.476Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsocial_dominance_total%3Bethereum%3BETH%5D%3B%5B1%3Btwitter_followers_7d%3Bethereum%3BETH%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p>Social dominance data dropped over 10.40% to 5.815%, noting a decrease in the media discussion reports. However, the X followers data reflected a surge of over 76% to 4221.</p>
<h4 class="wp-block-heading"><strong>Development Activity and Total Open Interest Insights</strong></h4> <iframe loading="lazy" title="Santiment Chart: Development Activity (ETH), Total Open Interest in USD (ETH)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=xrp&amp;pt=XRP&amp;df=2023-10-23T18%3A29%3A59.476Z&amp;dt=2024-04-23T18%3A29%3A59.476Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bdev_activity%3Bethereum%3BETH%5D%3B%5B1%3Btotal_open_interest%3Bethereum%3BETH%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p>For the past weeks, the development data witnessed a consistent rise and surged over 34.67%, which was noted above the midline at around 346, showing a positive outlook. Similarly, the derivative data signifies a long buildup and the open interest spiked by over 4.39% to $5.08 Billion.</p>
<p>Per the Fib levels, the ETH price has retained above the 38.2% zone and rebounded from the mid-Bollinger Band support zone. Similarly, the RSI curve retained the midline region, and a positive crossover was noted on the charts.</p>
<p>The total supply of the ETH coin is 122.37 Million, whereas the volume-to-market cap ratio is 0.0257, and it is ranked 2 in terms of market cap in the global crypto market.</p>
<h4 class="wp-block-heading"><strong>Summary</strong></h4>
<p>The Ethereum coin (ETH) has reverted its strength and decisively returned the gains to the bullish track. Moreover, the buyers are starting to accumulate and eyeing overtaking the $3500 mark to retain the bullishness.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<p><strong>Support Levels:</strong> $3100 and $3000</p>
<p><strong>Resistance Levels:</strong> $3500 and $3800</p>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;</p>

ETH Price Prediction: Can Bulls Accumulate Ethereum Beyond $3500?

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Thecoinrepublic.com

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