Plunge

Ethereum

Daily

<p>After a prolonged period of consolidation without a clear direction, the cryptocurrency market has finally undergone a correction, with most coins decreasing in value. Ethereum was no exception, as its price has plunged by 14%, hitting a significant support zone.</p>
<h2 id="technical-analysis">Technical Analysis</h2>
<p><strong>By <a href="http://twitter.com/Greatest_Trader" data-wpel-link="external" target="_blank">Shayan</a></strong></p>
<h3 id="the-daily-chart">The Daily Chart</h3>
<p>Ethereum recently surpassed its prior major swing high at $2K due to its impulsive uptrend, providing a significant bullish sentiment by indicating a positive trend reversal. However, the price quickly formed a head-and-shoulder reversal pattern and was rejected, resulting in a 14% plummet.</p>
<p>Nevertheless, the price has now arrived at a crucial support region comprising the 50-day moving average of $1800 and the 100-day moving average of $1705.</p>
<p>Therefore, the price action within the $1.7K-$1.8K range must be closely monitored since a breakout from this critical support zone will likely determine Ethereum&#8217;s near future direction. If the cryptocurrency falls below this vital area, its previous major swing low at $1.4K will serve as the primary support for the price in the mid-term.</p>
<figure id="attachment_247702" aria-describedby="caption-attachment-247702" style="width: 2560px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/04/ETH-Daily-1-scaled.jpg" data-wpel-link="internal"><img class="wp-image-247702 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/04/ETH-Daily-1-scaled.jpg" alt="eth_price_chart_2404231" width="2560" height="1386" srcset="https://cryptopotato.com/wp-content/uploads/2023/04/ETH-Daily-1-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-Daily-1-300x162.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-Daily-1-1024x554.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-Daily-1-768x416.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-Daily-1-1536x832.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-Daily-1-2048x1109.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-Daily-1-50x27.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px" /></a><figcaption id="caption-attachment-247702" class="wp-caption-text">Source: TradingView</figcaption></figure>
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3>
<p>According to the 4-hour timeframe, Ethereum’s price rally came to an end when it attempted to break out of the channel&#8217;s upper trendline at $2.1K. As a result of an impulsive decline, Ethereum&#8217;s price has now reached the middle boundary of the channel, a significant support/resistance region, and is struggling to break it downward.</p>
<p>If the price falls below this level, it could trigger a downtrend toward the $1.7K mark. However, if the cryptocurrency finds support and reverses the downtrend, a rally toward the upper threshold will be the most probable scenario for Ethereum in the short term.</p>
<figure id="attachment_247703" aria-describedby="caption-attachment-247703" style="width: 2560px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/04/ETH-4H-1-scaled.jpg" data-wpel-link="internal"><img class="wp-image-247703 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/04/ETH-4H-1-scaled.jpg" alt="eth_price_chart_2404232" width="2560" height="1386" srcset="https://cryptopotato.com/wp-content/uploads/2023/04/ETH-4H-1-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-4H-1-300x162.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-4H-1-1024x554.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-4H-1-768x416.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-4H-1-1536x832.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-4H-1-2048x1109.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-4H-1-50x27.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px" /></a><figcaption id="caption-attachment-247703" class="wp-caption-text">Source: TradingView</figcaption></figure>
<p>The post <a href="https://cryptopotato.com/heres-the-critical-support-for-eth-following-a-14-weekly-plunge-ethereum-price-analysis/" rel="nofollow">Here&#8217;s the Critical Support for ETH Following a 14% Weekly Plunge (Ethereum Price Analysis)</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.</p>

Here’s the Critical Support for ETH Following a 14% Weekly Plunge (Ethereum Price Analysis)

目錄

CryptoPotato_News

在 2023年4月24日發表的其他文章

XRP Price Gains Momentum, Sparks Optimism Ahead of Key Ruling

US Treasury Sanctions Three Individuals for Supporting DPRK’s Lazarus Group

Blockhead Brief: Australia to Boost Crypto Legislation, Societe Generale's Stablecoin, ETH Taipei...

The Colossal Revenue Spike of TMS Network (TMSN) Leaves Chainlink (LINK) And Uniswap (UNI) Desper...

How Crypto Can Rapidly and Successfully Transform Developing Economies

GRNGRID LISTS ON BITMART

訂閱免費電子報，每天收取加密貨幣最新動態！