Ethereum On Edge: Can Ether Smash Through Resistance Or Stall After Rally?
02 June 2024 - 6:49PM
NEWSBTC
Ethereum, the world’s second-largest cryptocurrency, finds itself
at a critical juncture. After a strong 25% surge in the past month,
outperforming its peers, Ethereum is facing a formidable hurdle in
the form of resistance levels around $3,795 and $3,846. Analysts
are watching this price battle closely, as it could determine the
coin’s trajectory in the coming days. Related Reading: Worrying
Signs For XRP: Price Tumbles As Demand Dries Up Breaking Barriers
Or Bracing For A Tumble? Technical analysis paints a contrasting
picture for Ethereum. If the bulls can muster enough strength to
push the price above $3,845, a continuation of the rally seems
likely. This breakout could pave the way for a surge towards $4,015
and even a test of $4,270, according to analyst Morecryptoonl.
$ETH: Standard resistance is defined between $3,795 and $3,846. A
break below $3,710 would indicate that wave c of 3 to the downside
has begun. If the price breaks above $3,847, then it is worth to
explore if a larger corrective rally in wave B of Y is unfolding,
as per the… pic.twitter.com/gQaC1dlDaT — More Crypto Online
(@Morecryptoonl) June 1, 2024 However, a failure to breach this
resistance zone could trigger a wave of selling, potentially
leading to a price decline. The chart studies suggest that a break
below $3,710 might mark the beginning of a downward correction,
pushing Ethereum towards support levels at $3,560 and even as low
as $3,470. Key Levels To Watch The focus for both traders and
investors has shifted to these critical resistance and support
levels. These price points act as a gauge for market sentiment,
with a successful breakout above resistance indicating bullish
strength and a potential continuation of the uptrend. Conversely, a
drop below support suggests a loss of confidence among buyers and
could spark a sell-off. The overlap of these resistance and support
levels on the chart further highlights their significance. This
convergence indicates a potential for a price swing in either
direction, making the coming days crucial for Ethereum’s future
trajectory. Ethereum Price Forecast The Ethereum price prediction
for July 2, 2024, suggests a modest upward trend, with an
anticipated increase of 2.10%, bringing the price to $3,863.83.
This projection is based on current market analysis and technical
indicators. The sentiment surrounding Ethereum is classified as
Neutral, indicating neither a strong bullish nor bearish outlook
among traders and analysts. The Fear & Greed Index, however,
registers a score of 73, indicating a predominance of greed in the
market. This high greed level can signify that investors are
optimistic and willing to buy at higher prices, potentially driving
the market up in the short term. Related Reading: MATIC Under The
Lens: Why Is Polygon Busy But Not Making Money? Over the past 30
days, Ethereum has experienced considerable market activity,
recording green days (days with a positive price increase) 60% of
the time. This frequency of green days, combined with a price
volatility of 11.11%, highlights the cryptocurrency’s dynamic
nature and susceptibility to significant price swings. Featured
image from Pexels, chart from TradingView
Mina (COIN:MINAUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Mina (COIN:MINAUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024