HomeEthereumSolid backing suggests promising growth prospects

Solid backing suggests promising growth prospects

-


Ethereum Price Consolidates Near $3,800 Support

The price of Ethereum has been on a rollercoaster ride, with the cryptocurrency testing the $3,700 support level before consolidating and eyeing a fresh increase above $3,840.

Ethereum extended its decline and tested the $3,700 zone, but found support near that level. Currently trading near $3,800 and the 100-hourly Simple Moving Average, Ethereum is showing signs of a potential recovery.

A key bullish trend line is forming with support near $3,760 on the hourly chart of ETH/USD, indicating a possible upward movement in the price. If Ethereum manages to break above the $3,880 resistance level, it could pave the way for further gains towards $4,000 and beyond.

However, if Ethereum fails to clear the $3,830 resistance, it could face another decline. Initial support is seen near the $3,750 level, with the next major support at $3,720. A break below $3,720 could lead to further losses towards $3,660 and potentially even $3,550 in the near term.

Overall, the technical indicators suggest a mixed outlook for Ethereum, with the MACD losing momentum in the bearish zone but the RSI now above the 50 zone. Traders and investors will be closely watching the price action in the coming days to see if Ethereum can sustain its current momentum and push higher.

LATEST POSTS

TedAI Transforms Accessibility to AI and Blockchain Technology

Transforming AI and Blockchain Education: TedAI's Innovative Approach TedAI Revolutionizes AI and Blockchain Education with Innovative Tools and Community Engagement In a world where AI and...

‘Crypto Market Faces Major Upheaval as Bitcoin, Ethereum, and XRP Prices Soar in Anticipation of China Earthquake’

"Bitcoin Swings Amid Warnings to Save the Dollar: China's Crypto Future and Hong Kong's Potential" The world of cryptocurrency has been buzzing this week as...

Crypto Markets Shed $80 Billion in Hours as Bitcoin (BTC) Falls Below $69K (Weekend Recap)

Bitcoin Drops Again: History Repeats Itself in the Crypto Market The crypto market experienced a familiar pattern last Friday as Bitcoin and other cryptocurrencies took...

Bitcoin network transaction fees spike to almost $52 temporarily

Bitcoin Network Experiencing Sharp Increase in Network Fees and Miner Challenges The Bitcoin network is currently facing a surge in network fees, with 332,000 unconfirmed...

Most Popular