Ethereum

Will the ETH retest $ 4,000 or look for a new ATH?

ETH  fell below $ 4,000 for a brief period on Thursday before rebounding sharply. However, the danger still lurks as price has to break through an important level of resistance.

Major support level: $ 4,000- $ 3,850.

Major Resistance Levels: $ 4,350 – $ 4,868 (ATH) – $ 5,075.

ETH is currently hovering around the key resistance at USD 4,350 and the price has failed to close above that level in the past 5 days.

If it doesn’t break through, ETH is likely to fall further to retest the critical support at USD 4,000 (September high) defended by bulls on Thursday, with the markets as a whole and ETH facing a pivotal moment, the the price promotion for the rest of the month.

Source: Tradingview

Technical indicators

Volume: High volume was also seen after the price collapsed below $ 4,000 and during the rebound that immediately followed. The equilibrium of market forces lies at this critical support level.

RSI: The RSI is decreasing on the daily and 4-hour timeframes. Unless the bulls push ETH price above the critical resistance at $ 4,350 (daily and weekly closings), the RSI is unlikely to turn bullish anytime soon.

MACD: The MACD in the daily timeframe remains pessimistic. The strong appearance of bulls in the all-important support area is helping the MACD histogram hit higher lows, but it’s too early to get upset. Until the MACD moving averages form a bullish cross, the trend will remain bearish.

trend

Due to the current price movement and the technical indicators, the trend for ETH is declining for a short time. However, if the bulls continue to defend the critical support at $ 4,000, the trend will change.

Source: Tradingview

Short term price forecast for ETH

Three days ago, ETH had a moment of weakness but rebounded strongly and outperformed Bitcoin (ETH / BTC).

Currently the price is trying to move above the critical resistance at $ 4,350. If that doesn’t succeed, ETH is expected to test $ 4,000 again in the coming days. The longer the price stays above this important support, the greater the chances for the bulls to regain control of price action with a new ATH forecast around the mid-$ 5,000 region.

You can see the ETH price Here.

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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.

Minh Anh

According to Cryptopotato

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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.

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