Ethereum

Resistance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereum-grapples-with-crucial-resistance-thresholds">Ethereum Grapples with Crucial Resistance Thresholds</a><br></p>
<p style="text-align: justify"> The <a href="https://en.bitcoinhaber.net/ethereums-potential-reversal-insights-from-a-market-analyst">Ethereum</a> market has reached a pivotal moment with prices consolidating above a $3,450 support level. The pressing question for investors is whether Ethereum can break through key resistance levels that stand in the way of a potential price rally. </p> 
<h2 id="key-hurdles-ahead-for-ethereum-s-price">Key Hurdles Ahead for Ethereum’s Price</h2> 
<p style="text-align: justify"> Currently valued above $3,500, Ethereum’s path forward is hindered by resistance zones lying between $3,560 and $3,620. On the 4-hour chart, a newly formed bearish trend line at the $3,550 mark poses a significant challenge for the <a href="https://en.bitcoinhaber.net/cryptocurrency-sector-faces-major-changes-icelands-energy-shift-venture-capital-influx-and-ethereums-staking-proposal">cryptocurrency</a>. Despite attempts to break past this barrier, Ethereum’s price has faced limitations, similar to <a href="https://en.bitcoinhaber.net/bitcoin-gears-up-for-70000-surge-as-investment-flows-soar">Bitcoin</a>‘s recent performance. Although it briefly reached $3,614, the cryptocurrency subsequently retreated to around $3,476. </p> 
<h2 id="technical-analysis-of-ethereum-s-trajectory">Technical Analysis of Ethereum’s Trajectory</h2> 
<p style="text-align: justify"> As it stands, Ethereum hovers over the $3,500 mark. However, investors should pay attention to resistance levels, especially the one at $3,550 and the 50% Fib retracement level of the last downtrend. To gain momentum, Ethereum must first clear the $3,620 resistance, potentially testing higher levels at $3,650 and even $3,720. The crucial milestone to achieve would be surpassing $3,750, potentially triggering a move towards $3,820 and the $4,000 threshold. </p> 
<h2 id="downward-risks-if-resistance-proves-stubborn">Downward Risks If Resistance Proves Stubborn</h2> 
<p style="text-align: justify"> Failure to breach the $3,550 resistance could send Ethereum into a downward spiral. In such a scenario, the first support level to watch is near $3,500, with a steeper decline threatening a fall towards the $3,475 zone. Should Ethereum slide below this level, it risks hitting a critical support at $3,420 and, if breached, possibly falling as far as the $3,320 level, with further losses potentially leading to a $3,240 support test. </p> 
<h2 id="technical-indicators-offer-mixed-signals">Technical Indicators Offer Mixed Signals</h2> 
<p style="text-align: justify"> Technical indicators present a mixed picture; the 4-hour MACD for ETH/USD shows waning bearish momentum, whereas the 4-hour RSI stands above 50, suggesting some buying activity is still ongoing. The pivotal support and resistance levels to monitor are $3,475 and $3,550, respectively. </p> 
<h2 id="points-to-take-into-account">Points to Take into Account</h2> 
<ul> 
 <li>Ethereum’s immediate resistance lies within the $3,560 to $3,620 range.</li> 
 <li>Overcoming the $3,750 level is critical for a potential rally towards higher price zones.</li> 
 <li>A failure to break current resistance levels may lead to a retracement towards the $3,420 or even $3,320 levels.</li> 
 <li>Technical indicators reveal a complex market sentiment, with bearish signs contrasting with moderate buying pressure.</li> 
</ul> 
<p style="text-align: justify"> In summary, Ethereum investors should tread carefully as the cryptocurrency approaches decisive resistance levels that could either catalyze a new uptrend or lead to further correction.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ethereum-grapples-with-crucial-resistance-thresholds">Ethereum Grapples with Crucial Resistance Thresholds</a></h5>

Ethereum Grapples with Crucial Resistance Thresholds

Table of Contents

BH NEWS

Other articles published on Apr 12, 2024

Bitget Launches Pre-market with Merlin Chain (MERL) as the First Supported Asset

Ripple Sends Critical Message to XRP Community, What It Concerns

Rising Above Toncoin and Dogecoin: Investors Prefer BLP Presale to Diversify Their Portfolios

Berachain Notches $100 Million Funding, Eyes Wider Expansion

Binance Launches Omni Network Staking on Launchpool

Cathie Wood’s Ark Invest Declares Its Holdings In ChatGPT’s OpenAI

Join our free newsletter for daily crypto updates!