Ethereum

Ethereum bulls struggle to maintain key levels as the bears aim to push the price down to $ 3,500

Ethereum‘s failure to break the all-time high of $ 4,380 quickly pushed the price back into support. Despite the correction, it looks like ETH will fall much lower if the short-term bearish momentum persists.

Major support levels: $ 4,000, $ 3,500

Key Resistance: $ 4,380

Ethereum is currently testing critical support at around $ 4,000. If this level is not held, ETH can fall to the nearest support at $ 3,500.

On Thursday, the course was heavily rejected after a failed attempt to break the ATH levels. This resulted in an instant drop down resulting in a red wick that is bearish.

Another concern for the cops is the dual leadership. This setup is bearish and occurs when the asset doesn’t break through the same peak twice in a row.

Technical indicators for ETH prices

Trading volume: Ethereum volume has fallen since the ETH price was rejected on Thursday. This shows that the bulls have lost interest and the bears are currently in control of the price.

RSI: The RSI is falling over the daily timeframe, suggesting that this downward correction may continue. However, it is too early to make a decision as the medium and long term momentum remains very bullish.

MACD: The histogram hits a lower high in the daily time frame. This is a warning sign that the uptrend could reverse in the short term. However, the MACD moving averages are still in an uptrend and a bearish crossover seems a long way off for now.

The price of Ethereum is approaching the top of the triangle as seen on the chart (in blue). Hence, it is possible that there will soon be a break in both directions. Bulls have held daily and weekly closings above $ 4,000, but pressure is mounting from the bears looking to bring ETH down to $ 3,500.

You can see the ETH price here.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Annie

According to Cryptopotato

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments

Nov 18th, Panama - Gate.io, a global leader in digital asset trading, has officially unveiled…

52 minutes ago

Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts

The Bitdeer convertible notes offer a 42.5% conversion premium, allowing conversion into cash with the…

1 hour ago

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

2 hours ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

3 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

5 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

5 hours ago

This website uses cookies.