Decoding The Ethereum (ETH) Price Analysis!
From the last quarter of 2023, the price showed 165% by reaching $4075 by the first quarter end of 2024. The price at $4075 displayed deterioration after mid-March 2024 in a falling wedge, which formed a support at $2870 by mid-May 2024, and thereon a breakout propelled tearing the upper boundary of the wedge by May end of 2024.
After the failure of sustenance near $3961.3, the price fell back to $2870 by July 5th and has been displaying a bullish presence from the support. The MACD has formed a bullish cross, and the RSI flashed at 43.72, which has crossed 14-SMA from below.
Therefore, at press, the price traded at $3159, and if it keeps on rising, then the resistances could be at $3250, and $3500, respectively. However, if it fails to bounce past $3250, then it could land back to $2850, and breaching this would start a bearish trend for lower depths.
After the failure of sustenance near $3961.3, the price fell back to $2870 by July 5th and has been displaying a bullish presence from the support. The MACD has formed a bullish cross, and the RSI flashed at 43.72, which has crossed 14-SMA from below.
Therefore, at press, the price traded at $3159, and if it keeps on rising, then the resistances could be at $3250, and $3500, respectively. However, if it fails to bounce past $3250, then it could land back to $2850, and breaching this would start a bearish trend for lower depths.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.