Ethereum

Show

Resistance

Rekt

<p>According to a recent technical analysis by <a href="https://newsletter.rektcapital.co/altcoin-market-update-14/" target="_blank" rel="noopener noreferrer nofollow">Rekt Capital</a>, Ethereum (ETH) has experienced a significant breakdown over the past two weeks. The cryptocurrency closed below a crucial support level (represented by an orange area on the chart) two weeks ago, initiating the first step in confirming the breakdown process from this former support.</p>
<p>Since then, ETH has been witnessing downside wicks into the $2791 support level (circled in orange) while simultaneously facing rejection from the orange boxed area, which now appears to be acting as resistance.</p>
<p>As a result, ETH has broken down into a range between $2791 and $3300, with the orange circled area serving as the Range Low support and the orange boxed region acting as the Range High resistance.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="723" src="https://captainaltcoin.com/wp-content/uploads/2024/04/image-1126-1024x723.png" alt="" class="wp-image-480926" srcset="https://captainaltcoin.com/wp-content/uploads/2024/04/image-1126-1024x723.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1126-300x212.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1126-768x542.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1126-1536x1084.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1126-2048x1446.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1126-212x150.png 212w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1126-100x71.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1126-496x350.png 496w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1126-788x556.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1126.png 1000w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>ETH is currently at the top of the range but is finding it difficult to break through. As long as the orange boxed area continues to act as resistance, there will always be a possibility that ETH could drop below this range, predisposing the price to a bearish bias.</p>
<div class="wp-block-rehub-colortitlebox rh-colortitlebox" style="text-align:left;border-radius:5px;box-shadow:0 10px 10px #00000007;background-color:#fafafa;color:">
 <div class="rh-colortitle-inbox" style="background-color:var(--rehub-main-color);color:#fbfbfb;border-radius:5px 5px 0 0"><i class="rhicon rhi-bolt-regular rh-colortitlebox-icon" style="color:"></i>
  <div class="rh-colortitle-inbox-label">
   Explosion in Meme Coin Market; How to find potential successors to $WIF, $PEPE, and $BONK? <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f92b.png" alt="🤫" class="wp-smiley" style="height: 1em; max-height: 1em;">
  </div>
 </div>
 <div class="rh-colortitlebox-text">
  <style scoped>.rh-toggler-open{height:auto !important}
.rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important}
.rh-toggler-open .rh-tgl-hide{display:block !important}
.rh-tgl-show, .rh-tgl-hide{cursor:pointer}
.rh-contenttoggler *{box-sizing: border-box !important}
.rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;}
.rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}</style>
  <div class="wp-block-rehub-contenttoggler rh-contenttoggler" data-height="100px">
   <div class="rh-toggler-wrapper" style="height:100px">
    <p>The key? Getting in early, especially during the <strong>ICO phase</strong>. Check out <a href="https://captainaltcoin.com/go/ll_inside/" target="_blank" rel="noopener noreferrer nofollow"><strong>NuggetRush</strong></a> today! This new memecoin combines play-to-earn gaming with authentic gold mining ventures. <a href="https://captainaltcoin.com/go/ll_inside/" target="_blank" rel="noopener noreferrer nofollow"><strong>Seize the opportunity</strong></a> with ongoing presale prices! Plus, prepare for $NUGX’s upcoming launch on major exchanges.</p> <span class="rh-tgl-trigger" style="text-align:center;position:absolute;z-index:2;bottom:0;left:0;width:100%;color:"><span class="rh-tgl-show" style="display:block">Show more +</span><span class="rh-tgl-hide" style="display:none">Show less –</span></span><span class="rh-tgl-grad" style="background-image:linear-gradient(to bottom,rgba(255,255,255,0) 0,#ffffff 100%);display:block;position:absolute;height:100px;bottom:0;left:0;z-index:1;width:100%"></span>
   </div>
  </div>
 </div>
</div>
<h2 class="wp-block-heading" id="altcoin-market-faces-bearish-pressure-from-halving-and-hype-cycle">Altcoin Market Faces Bearish Pressure from Halving and Hype Cycle</h2>
<p>Historically, the Bitcoin Halving event has been a bearish event for the Altcoin Market, and this effect is further amplified by the Altcoin Hype Cycle theory. Following a fantastic first quarter, the hype surrounding altcoins still needs to dissipate. This could mean that ETH’s price will continue to dwindle within the current range and consolidate in the coming weeks.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="605" src="https://captainaltcoin.com/wp-content/uploads/2024/04/image-1127-1024x605.png" alt="" class="wp-image-480934" srcset="https://captainaltcoin.com/wp-content/uploads/2024/04/image-1127-1024x605.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1127-300x177.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1127-766x453.png 766w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1127-1536x908.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1127-2048x1210.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1127-254x150.png 254w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1127-100x59.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1127-592x350.png 592w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1127-788x465.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1127.png 1000w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<h2 class="wp-block-heading" id="altcoins-expected-to-bottom-out-in-preparation-for-q2-hype-cycle">Altcoins Expected to Bottom Out in Preparation for Q2 Hype Cycle</h2>
<p>Despite the bearish pressure, the current market conditions also suggest that altcoins should bottom out on their retraces in the coming several weeks as they prepare for the new Q2 Altcoin Hype Cycle. Rekt expects this bottoming process to begin as early as mid-May, but more realistically, it will begin in late May or early June.</p>
<p>As Ethereum pushes through this critical range between $2791 and $3300, investors and traders should keep a close eye on the cryptocurrency’s ability to break beyond the Range High resistance.</p>
<p>The bearish pressure from the Bitcoin Halving and the Altcoin Hype Cycle may continue to impact ETH’s price in the short term, potentially leading to further consolidation within the current range.</p>
<p>However, the anticipated altcoin bottoming out in preparation for the Q2 Altcoin Hype Cycle offers a glimmer of hope for the market.</p>
<p><em><strong>Hunting for a small cap coin that could explode 10x? We’ve unveiled a few last week alone.<br>Get all our future calls by joining our <a href="https://t.me/captainaltcoincom" target="_blank" rel="noopener noreferrer nofollow">FREE Telegram community.</a></strong></em></p>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/Copy-of-P2P-Review-17-qi3pqhl3pi3mlojv8nq0upz5rcb68rblc7kuvhcaou.png" width="500" alt="Check NuggetRush ($NUGX)" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-ll_bottom-target-_blank-rel-noopener-noreferrer-nofollow-span-check-nuggetrush-nugx-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> <span>Check NuggetRush ($NUGX)</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20">
     Sponsored: Invest Responsibly, Do Your Own Research.
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> Buy NUGX Today </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Being in its <strong>ICO stage</strong>, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>A unique <strong>play-to-earn</strong> gaming platform in the memecoin market <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>The platform combines artisanal and <strong>gold mining</strong> with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Fosters a strong <strong>community </strong>by encouraging physical meetups among members <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i><strong>NFT</strong> Integration with Prominent Characters
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a href="https://captainaltcoin.com/ethereum-eth-faces-resistance-at-key-level-as-altcoin-market-prepares-for-q2-hype-cycle/" rel="noopener noreferrer nofollow">Ethereum (ETH) Faces Resistance at Key Level as Altcoin Market Prepares for Q2 Hype Cycle</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Ethereum (ETH) Faces Resistance at Key Level as Altcoin Market Prepares for Q2 Hype Cycle

Table of Contents

CaptainAltcoin

Other articles published on Apr 25, 2024

Will Dogecoin skyrocket 7 months after the Bitcoin halving again?

‘Buy Bitcoin’ sign that photobombed Janet Yellen sells for $1M

The Pi Cycle Top Indicator and What It Says About Where Bitcoin is Headed Next

Pushd’s Stage 6 E-Commerce Presale Attracts Polkadot and VeChain Enthusiasts, Offering Market Sta...

Gym Doge (GYMDOGE) to Surge 5,300% as it Challenges Shiba Inu and Dogecoin

US PMI Drop Puts Pressure on Bitcoin and Crypto Market Amid Cooling Business Activity

Join our free newsletter for daily crypto updates!