Ethereum

Greed

Resistance

April

Notable

<ul>
 <li>Ethereum surged above $4,000 in March before entering a downtrend, testing the $2,858 support level.</li>
 <li>Ethereum experienced a 2.95% decrease in value, closing at $2,945.5 after testing $3,041.8 yesterday.</li>
 <li>Technical analysis indicates Ethereum’s need to surpass the $3,220 level to initiate an uptrend, with a projected 2.90% price increase by June 18, 2024.</li>
</ul>
With recent fluctuations capturing investor attention, one key insight emerges: Ethereum (ETH) must surpass the pivotal $3,220 level to catalyze an uptrend.
ETH has been navigating a volatile path in recent months. March witnessed an impressive surge as Ethereum soared above the $4,000 mark, only to subsequently face a downtrend. Throughout April and May, it grappled with consistent tests of the $2,858 support level, encountering resistance amidst attempts to rally.
Yesterday’s trading session saw <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> open at $3,033.5, briefly touching $3,041.8 before settling at $2,945.5, marking a 2.95% decline. However, today paints a different picture as Ethereum demonstrates renewed buying interest, currently trading at $3,017.2 with a 2.45% increase.
Technical analysis reveals that Ethereum’s movements have closely mirrored those of Bitcoin, particularly evident in its flirtation with the $4,000 threshold followed by a downward trajectory. Despite recent challenges, Ethereum exhibited a promising move two days ago, edging closer to the EMA20 resistance after retracing to the $2,858.2 support level. Yet, it remains tethered below the downtrend, necessitating a breakthrough above key moving averages and the $3,220 mark to signal a potential uptrend.
Looking ahead, projections from CoinCodex suggest a modest 2.90% increase in <a href="https://coincodex.com/crypto/ethereum/price-prediction/" rel="noopener noreferrer nofollow">Ethereum’s price</a>, projecting it to reach $3,203.00 by June 18, 2024. Current sentiment indicators point to a neutral stance, although the Fear &amp; Greed Index reflects a sentiment of 72, indicating a prevailing sense of greed among investors.
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The post <a href="https://cryptonewsland.com/ethereum-aims-to-break-3220-barrier-for-market-uptrend/" rel="noopener noreferrer nofollow">Ethereum Aims to Break $3,220 Barrier for Market Uptrend</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Ethereum Aims to Break $3,220 Barrier for Market Uptrend

Crypto News Land

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