Ethereum

2024

United

<p>The post <a href="https://coinpedia.org/news/ethereum-approaches-make-or-break-level-heres-what-next-for-eth-price/">Ethereum Price Slips: Will THIS Key Level Spark a Rebound?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Ethereum (ETH) is currently <a href="https://markets.coinpedia.org/ethereum/" target="_blank" rel="noreferrer noopener">trading at $3,297</a>, marking a 4.29% decline in the past 24 hours and a 2.15% drop over the last seven days. Despite these short-term decreases, Ethereum still holds a strong market cap of $396.33 billion and has a substantial trading volume of $13.63 billion.&nbsp;</p> 
<p>What next? </p> 
<h2 class="wp-block-heading" id="h-seeking-signs-of-recovery">Seeking Signs of Recovery</h2> 
<p>Many analysts are closely monitoring ETH’s price trajectory, searching for signs of a potential recovery. The key question is whether Ethereum can hold or break its crucial support levels.</p> 
<p>Since March 27, Ethereum has experienced a steady decline, marked by a series of lower highs and lower lows. This persistent downtrend has investors and analysts alike looking for indicators of a possible rebound. The critical level to watch is the 0.786 Fibonacci retracement, which coincides with a significant order block.</p> 
<h2 class="wp-block-heading" id="h-critical-support-zone-the-0-786-fibonacci-retracement">Critical Support Zone: The 0.786 Fibonacci Retracement</h2> 
<p>Ethereum (ETH) has been <a href="https://coinpedia.org/news/ethereum-price-repeats-bearish-setup-solanas-structure-turns-bullish/" target="_blank" rel="noreferrer noopener">experiencing a steady decline</a> since March 27, characterized by a series of lower highs and lower lows. This continued decline has left many investors and analysts searching for signs of a potential recovery. However, the key level to watch for a possible bounce is at the 0.786 Fibonacci retracement, which coincides with a significant order block.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> has been in a downtrend since March 27, forming lower highs and lower lows. The key support level to watch for a potential bounce is at the 0.786 fibonacci retracement, which aligns with an order block. To confirm a reversal and bullish momentum, we need to see a shift in… <a href="https://t.co/yPhtu0F8WZ">pic.twitter.com/yPhtu0F8WZ</a></p>— Bitcoinsensus (@Bitcoinsensus) <a href="https://twitter.com/Bitcoinsensus/status/1808430460110053573?ref_src=twsrc%5Etfw">July 3, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>As Ethereum continues its fall, the 0.786 Fibonacci retracement level has emerged as a critical support zone. This level, which aligns with an important order block, could provide the necessary foundation for a potential reversal.</p> 
<h2 class="wp-block-heading" id="h-what-needs-to-happen-for-a-bullish-reversal"><strong>What Needs to Happen for a Bullish Reversal?</strong></h2> 
<p>For Ethereum to shift from its bearish trend to a bullish one, a change in the lower timeframe market structure is essential. Specifically, analysts are looking for the formation of higher lows and higher highs. This pattern would indicate a shift in momentum and could pave the way for a sustained upward move.</p> 
<p>Meanwhile, if Ethereum manages to hold at the key support level and shift its market structure, it could mark the beginning of a new bullish phase. This would be a positive signal for traders and investors, potentially leading to increased buying activity and a rise in ETH’s price.</p> 
<h2 class="wp-block-heading" id="h-eth-to-outperform-bitcoin">ETH to Outperform Bitcoin?</h2> 
<p>The launch of spot <a href="https://coinpedia.org/news/is-altcoin-season-on-the-horizon-heres-what-analyst-weighs-in/" target="_blank" rel="noreferrer noopener">Ether exchange-traded funds (ETFs)</a> in the United States could see Ethereum outperform Bitcoin in the coming weeks. Bitcoin is expected to face selling pressure as $8.5 billion worth of Bitcoin is returned to creditors of the collapsed exchange Mt. Gox.</p> 
<p>For the past 12 months, ETH’s value has been steadily declining compared to Bitcoin, hitting a yearly low of 0.045 on May 24.</p> 
<p>However, the price of Ether relative to Bitcoin quickly reversed following the SEC’s unexpected approval of Ether ETFs. This surprise decision by the SEC caused ETH/BTC to increase to its current value of 0.055.</p> 
<p>Read Also: <a href="https://coinpedia.org/news/altcoins-to-watch-potential-wealth-builders-for-july-2024/" target="_blank" rel="noreferrer noopener">Altcoins to Watch: Potential Wealth-Builders for July 2024</a></p> 
<p><strong>Is Ethereum a buy, sell, or hold right now? Share your investment strategy!</strong></p>

Ethereum Price Slips: Will THIS Key Level Spark a Rebound?

Table of Contents

CoinPedia News

Other articles published on Jul 3, 2024

ProBit Global Enlists Lucre Way, Highlights Significance of Utility Token

Ether to Outperform Bitcoin Post ETH ETF Approval

MAG Partners with MANTRA to Tokenize $500 Million in Assets, Marking a UAE Milestone for Real Est...

ConsenSys Vs SEC: Judge Sets Stage For Potential MetaMask Ruling By 2024 End – Details

New Paxos Singapore Executive Director Appointed to Enhance Market Expansion

Odds Of Kamala Harris Replacing Joe Biden As Democratic Presidential Candidate Raised By Crypto B...

Join our free newsletter for daily crypto updates!