Investors and traders are focusing their attention on Ethereum (ETH), as the weekend nears. After the recent price spike and market volatility, investors are now wondering just how high ETH will go in the upcoming days.
Rekt capital, an analyst of note, has conducted a technical analysis on Ethereum’s current price. It highlights key levels of resistance and support that may determine its trajectory.
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Ethereum Weekly Closes Below Crucial $3.956 Resistance
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Rekt Capital, according to analysisEthereum’s weekly closing price is below the $3,956 green level, which indicates that it still represents a resistance. In order for ETH’s upward trajectory to continue, the weekly closing price must be above $3,956, similar to mid-2021.
Rekt Capital says that if Ethereum does not regain the $3.956 mark this week there may be room for a downward movement. Analyst points out the blue circled historical retest in the boxed orange region. In mid-2021 ETH would have to pass this blue circled retest in order to climb higher.
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Possible Downside Risks and Key Support Level
Rekt Capital says that while it’s difficult to see Ethereum dropping much after the recent ETF catalyst event, there is always the possibility of rejection if ETH can’t reclaim its green $3.956 price level. If this happens, there is always the threat of rejection. next Major support would come from the boxed orange area. This could also serve as an historical test point.
It is important that Ethereum closes above the $3.956 mark on a week-to-week basis, to ensure its positive momentum. This could result in a period where the cryptocurrency is consolidated or corrected before it can continue its upward trend.
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Expert Predictions For Ethereum This Weekend
While investors and traders are keenly watching the Ethereum price, experts from Changelly They have also shared their weekend predictions. According to their analysis ETH should reach a minimal price of 3,818 dollars and a maximal price of 3,878, while the average price is $3850.
The predictions indicate that while Ethereum could experience a growth this weekend, the price is not likely to surpass the psychologically important $4,000 level.
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Source: watcher.guru