As a seasoned crypto investor, I’ve seen my fair share of market ups and downs. Ethereum’s recent rally has certainly been an exciting ride, but like many others in the community, I’m left feeling a bit disappointed as the price has yet to break above the $4,000 resistance level.
The price of Ethereum has paused its upward trend after falling short of surpassing the $4,000 mark again. But there’s still a glimmer of hope that a fresh bull market may be on the horizon.
Technical Analysis
By TradingRage
The Daily Chart
As a researcher studying the ETH/USDT chart, I’ve observed a downward trend in price over the past two weeks when observing on a daily timeframe. This decline started following another rejection of Ethereum at the $4,000 resistance level.
As a crypto investor, I’m closely monitoring the current price action. Right now, the market seems to be holding steady around the $3,500 mark, which is serving as a support level. However, if this level breaks down bearishly, we could see a significant decline toward the $3,000 region and the 200-day moving average nearby. This area is crucial because a further drop below it might signal a change in the market trend.
The 4-Hour Chart
On the 4-hour chart, the price appears to be bouncing back from the $3,500 support level. A falling wedge formation has emerged, followed by a break above this pattern, which is typically indicative of a bullish trend reversal.
Should the market surpass its previous peak around $3,650, it’s likely that we’ll see another push toward the $4,000 resistance level. With the Relative Strength Index (RSI) once again exceeding 50%, a bullish trend becomes more plausible.
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2024-06-15 21:34