Ethereum (ETH) loses critical support level

Ethereum (ETH) loses critical support level

Ethereum fell below the $3,700 threshold and failed to break through the consolidation channel. If the price fails to rally, we could see another period of consolidation where the moving average could reach the huge volatility seen a few weeks ago and potentially provide some ground for a continuation of the rally.

Ethereum fell below the $3,700 threshold and failed to break through the consolidation channel. If the price fails to rally, we could see another period of consolidation where the moving average could reach the huge volatility seen a few weeks ago and potentially provide some ground for a continuation of the rally.

Advertisement

Since this level has been a crucial support area for ETH, the recent drop below $3,700 is especially raising some concerns and questions. If it falls below, it may indicate that the bulls need to regroup as the bears become more powerful.

ETHUSD Chart
ETH/USD chart by TradingView

Wild swings in price action are characteristic of a volatile asset like Ethereum. Based on the current trend, it seems that ETH is having a difficult time maintaining its upward momentum.

HOT Stories
'It's going to be explosive...': Samson Mow predicts $10 million in Bitcoin
‘It’s going to be explosive…’: Samson Mow predicts $10 million in Bitcoin
The Future of Cryptocurrency Compliance, Adaptation to MiCA and Beyond: Interview with Mark Gofaizen, Senior Partner at Gofaizen & Sherle
Charles Hockinson breaks silence on the biggest event in Cardano history
Solana about to change: this is why

Ethereum went through a consolidation phase, fluctuating between support and resistance levels, as the chart illustrates after a significant rally. This type of activity usually occurs before a notable change in price, either up or down.

Related

Fri, 06/07/2024 – 13:36
Litecoin (LTC) Outperforms Ethereum (ETH) as Transactions Hit New High

Failure to hold could lead to a deeper decline towards the 200-day moving average, a more reliable measure of long-term trend direction. In the short term, this could mean a higher downside risk. An important additional consideration is volume.

Above-average trading volumes were observed alongside the recent decline, suggesting that sellers are more active. This could indicate that more traders are trimming their positions, which would put more pressure on the price to drop. The RSI, on the other hand, hovers around the neutral point. This shows that Ethereum has room to recover if the market mood changes and is neither overbought nor oversold.

Leave a Reply

Your email address will not be published. Required fields are marked *

Best Exchanges
Buy, trade, and hold 600+ cryptocurrencies on Binance
Buy, trade, and hold 450+ cryptocurrencies on ByBit
Buy, trade, and hold 150+ cryptocurrencies on Kucoin
Buy, trade, and hold 100+ cryptocurrencies on BitFinex 
Buy, trade, and hold 150+ cryptocurrencies on CoinBase

Guru Investing is an independent source of information about investing , not controlled by any broker. All our reviews and guides are created honestly, according to the best knowledge and judgement of the members of our independent expert team; however, they are intended for informative purposes only and should not be construed as, nor relied upon as, legal advice. You should always make sure that you meet all regulatory requirements before making any financial operations . Copyright ©2024 Email for contact [email protected]
follow telegram
pornhd.com hindisexyporn.com kashmiri girls sex jayasex indaporn.info desi bhabi xxx xlnindia sexo-vids.com 1st time sex video たかはししょうこ動画 javfuck.mobi 真正中出し3本番 彩乃なな sex film sexy film xxxhindividoes.com xnxx indian teens
ano nga ba ang pangarap iwantmoreteleserye.com hello heart episode 3 reshma hot saree images nuporn.mobi xvidies com bihar chudai tubezaur.mobi heroine photo hot dasixx hardcoreporntrends.com ileana d'cruz hot photoshoot www.xxxsexvideo.com xbeegtube.mobi hindi movi
www sxe vidoes erohardcore.info boops sucking dehati fuck kitporn.info chuk chuk rail fuckcomix.com mojoporntube.net gujaratisexvidio probinsyano october 18 2021 full episode freeteleseryetv.net ang probinsyano july 14 2022 قصص سكس كرتون cmsextra.net سكس بنات تخينة