Ethereum's Uptrend Continues And Challenges The High Of $3,700

Mar 28, 2024 at 10:37 // Price
Author
Coin Idol

The price of Ethereum (ETH) has been fairly stable over the past week. Price Analysis by Coinidol.com.

Long-term analysis of the Ethereum price: bearish

The price of Ether has remained steady, hovering between $3,200 and $3,700, with minimal price fluctuation over the past week. On March 27, Ether price was rejected at the 21-day SMA or resistance level of $3,700. Ethereum's uptrend will continue if it breaks through this resistance level. Ether is currently trading at $3,592.

However, if the current resistance is breached, the largest altcoin will rise above the psychological price of $4,000.00. In contrast, Ethereum will continue to oscillate in a trading range where it fails to establish an uptrend above the 21-day SMA. Moreover, Ether will fall if it loses the 50-day SMA or the support at $3,200. The altcoin will fall to a low of $2,800.

Ethereum indicator analysis

The largest altcoin has been stuck between the moving average lines for over a week. The bulls and bears have not yet gained control of the price trend. This has led to the current price fluctuations. The price bars on the 4-hour chart are above the moving average lines, but the uptrend has stalled at the resistance at $3,700.

Key resistance levels – $4,000 and $4,500

Key support levels – $3,500 and $3,000

ETHUSD_(Daily Chart) –March 27.jpg

What is the next direction for Ethereum?

Ethereum will continue to fluctuate within the narrow range as it encounters rejection at the recent high. On the 4-hour chart, the price of the cryptocurrency has reached a bullish exhaustion and is fluctuating below the $3,700 level. Doji candlesticks indicate the hesitation of buyers and sellers regarding the market direction.

Coinidol.com reported previously that Ether was moving between $3,200 and $3,600 price levels. The price movement has been stable as traders enter a period of hesitation. 

ETHUSD_(4-hour Chart) –March 27.jpg

Disclaimer. This Analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.

Comments

Post a Comment

Popular posts from this blog

Barry Silbert deletes old tweets amid GBTC selloff

Under-fire Digital Currency Group founder Barry Silbert has apparently deleted a raft of his old tweets . According to his X (formerly Twitter) account, Silbert signed up in October 2011, however, at the time of writing, his timeline shows no tweets or replies older than January 5 this year. Luckily for die-hard Silbert fans, X user Pledditor has screenshotted some of his “greatest hits.” Looks like @BarrySilbert has deleted all his old tweets The good news? I have screenshotted some of his greatest hits pic.twitter.com/GLWPbCf5mN — Pledditor #FixTheFilters (@Pledditor) January 15, 2024 Read more: Former DCG advisor Larry Summers on list of Jeffrey Epstein’s ‘Harvard friends’ Among the messages saved by Pledditor is a classic in which Silbert brands himself a “ complete and total professional failure ,” and one in which he advises Dogecoin holders to convert it to bitcoin. It’s not clear what prompted Silbert’s Social Media cull but he’s currently taking Social Media ...
Read more

Trader Issues Warning on Solana Rival That’s Up 247% in One Month, Updates Outlook on LDO and One Other Altcoin

Image
A widely followed crypto strategist warns that a Solana (SOL) competitor that’s up more than 3x in the last 30 days is flashing signals that it may have printed a short-term top. The pseudonymous analyst known as Altcoin Sherpa tells his 205,700 followers on the social media platform X that while layer-1 blockchain Sei (SEI) is still in an uptrend, it starting to show signs of bullish exhaustion. “Why it looks good: -consolidation and highly bullish high time frame market structure -still bullish on all time frames -EMAs (exponential moving averages) all catching up + other alts looking strong Why it doesn’t: -could be an exhaustion pump here and last big move up -could be rotation from others (SOL/SEI/etc/) to ETH season also known as ARB/LDO/OP -dying volume/some signs of distribution here.”  Source: Altcoin Sherpa/X At time of writing, SEI is trading for $0.785, up over 247% from its 30-day low of $0.226. The trader is also keep...
Read more

Nuant becomes a member of the OpenWealth Association

On January 18, Nuant joined the OpenWealth Association, contributing to advancing digital assets risk management within Swiss banking, WealthTech, and traditional finance, per the information shared with Finbold. In doing so, Nuant recently joined traditional finance entities such as Credit Suisse, LGT, VP Bank, and WealthTech firms like Assetmax and InvestSuite. This strategic partnership represents a noteworthy progression in crypto investment risk management within Switzerland’s financial sector. The OpenWealth Association aims to establish, uphold, and implement open Application Programming Interface (API) standards within the global wealth management community. This commitment aims to facilitate seamless financial data exchange among institutions. Nuant as representative of the CeDeFi sector Cryptocurrency Anthony Scaramucci says Bitcoin to skyrocket to $170,000 by 2025 Cryptocurrency Donald Trump says he’ll ‘never allow a CBDC’ if elec...
Read more