Ethereum

Daily

<a href="https://www.bitget.com/spot/ETHUSDT?channelCode=zpkw&amp;vipCode=94qs&amp;groupId=334813">Ethereum’s price</a> has been trending downward, causing concerns among investors about <a href="https://cryptoticker.io/en/token">the bull market</a>'s potential end. However, a significant support level could potentially trigger a recovery.
<figure class="image">
 <img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/ETHUSD_2024_07_04_3dea67e941.png" alt="By TradingView - ETHUSD_2024-07-04">
</figure>
&nbsp;
<h2 id="strong-ethereum-price-prediction-and-analysis-strong">Ethereum Price Prediction and Analysis</h2>
<h3 id="strong-1-ethereum-price-analysis-daily-technical-analysis-strong">1- Ethereum Price Analysis: Daily Technical Analysis</h3>
<a href="https://cryptoticker.io/en/token/ETH">Ethereum</a>’s daily chart reveals a persistent downward trend within a large descending channel pattern. After failing to reclaim the $3,500 level, <a href="https://cryptoticker.io/en/token">the market</a> experienced a bearish rejection, leading to further declines. Currently, Ethereum is approaching the $3,000 support level, which aligns with the channel’s lower boundary and the 200-day moving average. This confluence of support factors positions $3,000 as a strong support zone. However, a breakdown below this level could result in more severe declines.
<figure class="image">
 <img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/ETHUSD_2024_07_04_YTD_f92d9efe3f.png" alt="By TradingView - ETHUSD_2024-07-04">
</figure>
The 4-hour chart highlights Ethereum’s clear rejection from the $3,500 resistance level. The short-term support at $3,350 has also been breached, making $3,000 a likely target. Investors should monitor the RSI, as it has entered the oversold region, indicating a potential recovery.
<h3 id="strong-2-ethereum-price-analysis-the-sentiment-analysis-strong">2- Ethereum Price Analysis: The Sentiment Analysis</h3>
Analyzing <a href="https://cryptoticker.io/en/prediction/ethereum-price-prediction">Ethereum's futures</a> market metrics, particularly the Taker Buy Sell Ratio, offers valuable insights. This metric measures the aggressiveness of buyers versus sellers. Post-rejection from the $4,000 level, there has been a substantial increase in market sell orders, driving the Taker Buy Sell Ratio to its lowest point in recent months. This suggests that futures market traders anticipate further price drops in the short term.
<img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/By_Trading_View_ETH_Overall_Performance_36a4bb88b8.png" alt="By TradingView - ETH Overall Performance">
<a href="https://www.tradingview.com/symbols/ETHUSD/?aff_id=127958">Ethereum’s</a> decline continues, but the $3,000 support level might provide the foundation for a recovery. Investors should watch the RSI and futures market metrics for potential signals of a rebound.

Ethereum Price Prediction: Is The Crash Over Or Just Beginning?

Table of Contents

CryptoTicker ENG

Other articles published on Jul 4, 2024

Bitcoin Cash Hashrate Rises Unexpectedly

Hamster Kombat hits 239M users in 81 days — Telegram’s Durov

SEC Sues Silvergate Amid Fraud Allegations and $9 Billion in Suspicious Transfers

Analyzing Bitcoin’s Market: Indicators Suggest a Potential Peak in the Current Price Cycle

Why Is This Bitcoin Price Crash a Blessing in Disguise?

Telegram Initiates Gaming Accelerator with Helika

Join our free newsletter for daily crypto updates!