Ethereum

Resistance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereum-struggles-to-break-through-4000-resistance">Ethereum Struggles to Break Through $4,000 Resistance</a><br></p>
<p style="text-align: justify">Following <a href="https://en.bitcoinhaber.net/ethereums-price-soars-rewarding-investors-with-notable-gains">Ethereum</a>‘s recent software update, its digital currency, ETH, experienced a price correction of over 10%, unable to maintain its position above the $4,000 mark. This decline in value occurred despite a positive trend seen in <a href="https://en.bitcoinhaber.net/key-insights-from-bitcoins-price-and-market-dominance-analysis">Bitcoin</a>‘s recovery over the past weekend. Ethereum’s price, however, has remained subdued under bearish market influences.</p> 
<h2 id="ethereum-s-market-sentiment-holds-despite-price-fall">Ethereum’s Market Sentiment Holds Despite Price Fall</h2> 
<p style="text-align: justify">Ethereum’s value plunged significantly, dropping more than 10% from a peak of $4,000. Still, the majority of Ethereum holders, constituting 89% of the network, are profiting from their investments. This points to a potential stability within the Ethereum community despite the fluctuating market. Analysis from IntoTheBlock, a blockchain intelligence company, indicates strong potential support levels, particularly around $3,700. This level is where the majority of trading activity has concentrated, with nearly a million addresses holding a substantial amount of ETH.</p> 
<h2 id="technical-analysis-ethereum-s-price-movements-monitored">Technical Analysis: Ethereum’s Price Movements Monitored</h2> 
<p style="text-align: justify">Market participants are keenly observing Ethereum’s price patterns, keeping an eye on pivotal support and resistance levels. Currently, the $4,000 mark is considered a psychological threshold. Ethereum’s price trend suggests it trades under both $3,700 and the 100-hour simple moving average, reflecting a downward pressure.</p> 
<h2 id="forecasting-ethereum-s-price-potential">Forecasting Ethereum’s Price Potential</h2> 
<p style="text-align: justify">Market experts point out that Ethereum faces immediate resistance at around $3,650, with a significant decline trendline forming. Overcoming hurdles near the $3,660 mark is critical for ETH. The next resistance thresholds are projected around $3,750 and $3,830, which if surpassed, could lead to a substantial price rally. Conversely, if Ethereum fails to break past the $3,650 resistance, it may face a new downturn with support levels anticipated near $3,520 and potentially lower if the decline continues.</p> 
<p style="text-align: justify">In the event of a price surge, Ethereum has a chance to reach towards $3,925 and may attempt to revisit the crucial $4,000 resistance level. If the momentum persists, it could even hit the $4,080 mark. However, sustained resistance could lead to further declines to support zones of $3,420 and, in the case of increased selling pressure, to $3,250.</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-struggles-to-break-through-4000-resistance">Ethereum Struggles to Break Through $4,000 Resistance</a></h5>

Ethereum Struggles to Break Through $4,000 Resistance

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