Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnAISquareMore
OPINION: Ether faces key resistance zone, breakout could spark new rally

OPINION: Ether faces key resistance zone, breakout could spark new rally

Bitget2024/04/30 16:47

Technical analysis by analyst Shayan shows that Ether has experienced a period of consolidation at the Fibonacci retracement levels of 0.5 and 0.618 as well as key support near the 100-day SMA, followed by a moderate bullish rally. However, Ether still faces a notable resistance zone, the breakout of which could pave the way for fresh bullish momentum.

On the daily chart, Ether's prolonged consolidation phase is approaching key support levels, which are marked by the Fibonacci retracement levels of 0.5 ($3,139) and 0.618 ($2,910), as well as the key 100-day SMA, leading to a slight bullish recovery. However, Ether now faces a strong resistance zone that includes the upper boundary of the wedge and the key $3,400 marker. A successful break above this resistance could pave the way for a significant bullish surge towards the $4,100 threshold. Conversely, failure to overcome the selling pressure could lead to a continuation of the consolidation phase within the upper boundary of the wedge pattern and the 100-day SMA.

1
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.
Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.
Trade now!

You may also like

Trump's investment account recorded net purchases exceeding $49 millions in June, with financial and defense stocks becoming major holdings, and over a thousand trades executed!

In June, Trump's investment account completed over 1,000 stock trades, with net purchases exceeding $49 million. There were million-dollar level buys in Berkshire Hathaway, Visa, and Mastercard, with financial stocks surpassing tech stocks to become the largest holding sector for the month. The White House insists that the President himself is completely unaware of the trades; all decisions are executed automatically by an independent manager using computer models.

华尔街见闻2026/08/23 06:21