Ethereum

Value

Resistance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereum-faces-key-resistance-level" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum Faces Key Resistance Level</a><br></p>
<p style="text-align: justify">Ethereum (ETH) has seen a 3% decline over the past week, underperforming the broader crypto market, which experienced a modest 0.70% gain. Currently trading just above $3,300, Ethereum’s market capitalization stands at $398 billion, with a 24-hour trading volume that increased by 3.42% to reach $14.5 billion.</p>
<h2 id="ethereum-chart-analysis">Ethereum Chart Analysis</h2>
<p style="text-align: justify">The most distant support level for Ethereum is pegged at $1,721.40, aligning with the 0.618 Fibonacci retracement level, a critical point for sustaining upward momentum. Conversely, the key resistance level to focus on is $3,600. Surpassing this resistance could enable Ethereum to aim for its all-time high (ATH) of $4,867.</p>
<p style="text-align: justify">Ethereum recently revisited the weekly Fair Value Gap (FVG) between $2,896 and $3,036.62, leading to a 20.42% price surge. Nevertheless, it encountered resistance at $3,545.90, subsequently finding buyers at $3,086.13 after a 7.62% decline. Notably, the FVG intersects with the 50% Fibonacci retracement, serving as a robust support level. If this level holds, a 57.87% rally is possible, potentially retesting the ATH.</p>
<h2 id="whales-and-etfs-in-ethereum">Whales and ETFs in Ethereum</h2>
<p style="text-align: justify">There is a notable rise in large transaction volumes, coinciding with increased whale activity in Ethereum. This trend is attributed to the introduction of ETH ETFs into the market. Significant <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> are actively trading ETH, likely favoring ETFs over direct blockchain transactions. This suggests a growing preference for regulated and accessible investment options like ETFs.</p>
<p style="text-align: justify">According to DefiLlama, the total value locked (TVL) in Ethereum has escalated to $59.414 billion. The market capitalization of stablecoins on Ethereum now stands at $78.742 billion. Furthermore, the ETH/TRY pair shows 1 ETH priced above 109,000 TL. In the last 24 hours alone, Ethereum generated $3.61 million in fees and $2.29 million in revenue, with 368,579 active addresses on the network, reflecting a substantial participant base.</p>
<h2 id="key-insights-for-investors">Key Insights for Investors</h2>
<p style="text-align: justify">Key insights for investors include:</p>
<ul>
 <li>Monitoring the $3,600 resistance level for potential upward movement.</li>
 <li>Recognizing $1,721.40 as a critical support level.</li>
 <li>Observing whale activity and ETF trends as indicators of market sentiment.</li>
 <li>Tracking TVL and stablecoin market cap as signs of Ethereum’s network health.</li>
 <li>Noting the revenue and active addresses for a snapshot of network activity.</li>
</ul>
<p style="text-align: justify">These factors provide concrete <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> points for making informed investment decisions regarding Ethereum’s performance in the near term.</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-faces-key-resistance-level" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum Faces Key Resistance Level</a></h5>

Ethereum Faces Key Resistance Level

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Andre artikler udgivet 31. jul. 2024

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