#Ethereum's chart displays strong upward momentum since June, with higher highs and higher lows. After a six-day decline, #ETH formed a green candle today, finding support at the bottom of the rising channel. Traders are now watching for a potential move towards the upper channel.
On The Daily Chart:
In the daily chart, Ethereum has recently reached the 2029 high following a breakout above the trendline. However, a subsequent pullback has occurred as the cryptocurrency faces resistance in its upward momentum. Currently, Ethereum price is trading above the critical $1,875 support against the US Dollar. For a potential uptrend, ETH needs to surpass the $1,920 resistance level. The price has been relatively stable above $1,875, with active buying interest from bulls, akin to the situation observed in Bitcoin.
On The 4-Hour Chart:
Ethereum has been trading in a rising channel pattern on the 4-hour chart for the past month, experiencing fluctuations along the way. Both the RSI and MACD indicators are moving within a flat range. Notably, the price has rebounded, finding support at the 200 4-hour EMA. A crucial point to watch is if ETH surpasses the 50 4-hour EMA at $1,920, which could trigger buying pressure and potentially drive the price towards $2,000 once again.
Based on Coingabbar Price Analysis, Ethereum's market capitalization currently stands at approximately $229,863,558,072. The anticipated 24-hour trading volume is estimated to be around $8,960,503,710.
KEY LEVELS :
RESISTANCE LEVEL : $1,950-$1,980
SUPPORT LEVEL : $1,880-$1,840
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
