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

Innholdsfortegnelse

BH NEWS

Andre artikler publisert på 31. juli 2024

Bitcoin slides below $66k: Here’s what whales are up to

Attention Traders: Solana (SOL) Price Heading to $200—But Here’s a Major Twist!

ZKX Protocol Shut Down Operations Due to Economic Challenges

Whale Activity on Binance Sparks Speculation Over Massive USDT Transfers

G20 Pushes for Strict Regulation on Stablecoins Amid Financial Stability Concerns

Konsolidasi Harga BONK: Apakah Penembusan Akan Terjadi?

Bli med på vårt gratis nyhetsbrev for daglige kryptooppdateringer!