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.
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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…
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