in

ETH Needs This Crucial Level Ahead Of Approach To $4,000

Government faces investigation into Bitcoin Trust’s expenditure


  • Ethereum is doddering at $3,100 after failing to break the resistance at $3,200.
  • The MACD may call more buyers into the market if Ether confirms a break above $3,200, a move that could bolster ETH toward $4,000.

Ethereum moved with its peers on Thursday and managed to reclaim the ground above $3,000. As reported earlier this week, the prominent smart contracts token had plunged to $2,650 amid a highly volatile cryptocurrency market. Ether also extended the bullish leg above $3,100 but stopped before brushing shoulders with $3,200.

advertisement

Bitcoin has also been lethargic in its recovery after testing support at $40,000 this week. The largest cryptocurrency closed the gap to $44,000 but is yet to confirm a breakout above $45,000.

Ethereum Must Close Above $3,200 To Validate Upswing To $4,000

The resistance at $3,200 has been a daunting task for the bulls, resulting in a correction toward $3,000. Meanwhile, Ether is teetering at $3,100 at writing as bulls fight to shake off the engulfing selling pressure.

Bulls must confirm a break above $3,200 to add credibility to the optimistic narrative eyeing $4,000. Realize that the 50-day Simple Moving Average (SMA) could make it difficult for buyers to achieve their goals quickly. Moreover, the supply zone in red will also hinder ETH from breaking through and lead to another round of losses.

The daily chart reveals that the Moving Average Convergence Divergence (MACD) has wallowed in bearish signals since September 7. This technical index afforms the general lethargic picture as it stays in the negative region under the mean line.

Traders should lookout for a buy signal in the coming session or days to ascertain the validity of the uptrend. All the sake, trading above $3,200 would hasten the occurrence of the bullish call.

ETH/USD Daily Chart

ETH/USD price chart
ETH/USD price chart by Tradingview

On the downside, overhead pressure will soar if Ethereum losses support at $3,000. Investors are likely to sell in masses amid panic that the demand in green could give in to the pressure this time around. It is worth mentioning that the 100-day SMA has cemented the buyer congestion zone while the 200-day SMA currently holds at $2,612.

Ethereum Intraday Levels

Spot rate: 3,098

Trend: Bearish bias

Volatility: Low

Support: $3,000 and $2,650

Resistance: $3,200 and $3,600

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Kava announces $185 million DeFi fund following similar moves by Fantom, Algorand

Snoop Dogg’s claimed NFT avatar holds $17 million worth of punks, Meebits, and virtual joints

Gradually, Then Suddenly — Which Countries Will Adopt #Bitcoin Next After El Salvador? Paraguay and Panama are probably the most serious candidates for the coming months.