Ethereum’s (ETH) price has struggled to stay above $3,000, a crucial support level. While the markets navigate through this period of uncertainty investors and traders monitor Ethereum’s performance in order to determine its possible trajectory over the next weeks and months.
Ethereum Struggle To Break Its Fall
A recent analysis of technical data by Rekt CapitalAccording to a prominent cryptocurrency expert, Ethereum is unable break through its recent retracement. The analyst discussed a scenario a few weeks back where ETH would reject a circled blue area and then become a new resistance.
Rekt Capital has revealed that Ethereum’s black support level is no longer a strong one and it now appears to be getting close to the Range Low, which stands at $2.791 (orange circles).
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The candle closings are a particularly worrying development, as the previous visits to the orange-circled Range Low were via downward wicks. Now, ETH approaches this level using the same method, indicating a weakened support in this area.
EthereumSupport levels and potential scenarios
The chances that the circled orange level will act as support are high if Ethereum can rebound and convert the current black level to a new resistance. The price of Ethereum could be affected by this scenario in the future.
Rekt Capital highlights the fact that Ethereum’s red support level has not changed in many years. This makes it an important level to monitor. Market reaction could reveal valuable information about the future trajectory of cryptocurrency prices.
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Why the Psychological Level of $3,000 is Important
Ethereum’s destiny appears to depend on a single level, the blue light psychological level $3,000. In the middle of 2021, ETH was able to maintain this level. The downside wicked into the orange circled levels before moving upward.
Ethereum has been able to hold the $3000 level for support last month. However, this month it’s slipping below it. But it’s important to keep in mind that many things can still happen until May. Analyst stresses the need to prevent $3,000 turning into resistance over the next week or so, which could weigh heavily on the orange-circled support.
Crypto experts are cautiously optimistic that Ethereum will perform well in the future, despite the challenges it faces today. According to the fluctuations in the Ethereum price at the start of 2024 Changelly The average ETH exchange rate is expected to be approximately $2,949.34 by May 2024. This includes a minimum of $2.895.59, and a maximum of $3.003.09.
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Source: watcher.guru