{"id":611068,"date":"2024-06-02T08:49:19","date_gmt":"2024-06-02T08:49:19","guid":{"rendered":"https:\/\/uniquehot.com\/?p=611068"},"modified":"2024-06-02T08:49:19","modified_gmt":"2024-06-02T08:49:19","slug":"ethereum-on-edge-can-ether-smash-through-resistance-or-stall-after-rally","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum-on-edge-can-ether-smash-through-resistance-or-stall-after-rally\/","title":{"rendered":"Ethereum On Edge: Can Ether Smash Through Resistance Or Stall After Rally?"},"content":{"rendered":"<p data-sourcepos=\"3:1-3:89\">Ethereum, the world&#8217;s second-largest cryptocurrency, finds itself at a critical juncture. After a strong 25% surge in the past month, outperforming its peers, Ethereum is facing a formidable hurdle in the form of resistance levels around $3,795 and $3,846. Analysts are watching this price battle closely, as it could determine the coin&#8217;s trajectory in the coming days.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/worrying-signs-for-xrp-price-tumbles-as-demand-dries-up\/\">Worrying Signs For XRP: Price Tumbles As Demand Dries Up<\/a><\/div>\n<h2 data-sourcepos=\"5:1-5:2\"><strong>Breaking Barriers Or Bracing For A Tumble?<\/strong><\/h2>\n<p data-sourcepos=\"7:1-7:123\">Technical analysis paints a contrasting picture for Ethereum. If the bulls can muster enough strength to push the price above $3,845, a continuation of the rally seems likely. This breakout could pave the way for a surge towards $4,015 and even a test of $4,270, according to analyst Morecryptoonl.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$ETH<\/a>: Standard resistance is defined between $3,795 and $3,846. A break below $3,710 would indicate that wave c of 3 to the downside has begun. If the price breaks above $3,847, then it is worth to explore if a larger corrective rally in wave B of Y is unfolding, as per the\u2026 <a href=\"https:\/\/t.co\/gQaC1dlDaT\" rel=\"nofollow\">pic.twitter.com\/gQaC1dlDaT<\/a><\/p>\n<p>\u2014 More Crypto Online (@Morecryptoonl) <a href=\"https:\/\/twitter.com\/Morecryptoonl\/status\/70115352?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 1, 2024<\/a><\/p><\/blockquote>\n<p data-sourcepos=\"9:1-9:148\">However, a failure to breach this resistance zone could trigger a wave of selling, potentially leading to a price decline. The chart studies suggest that a break below $3,710 might mark the beginning of a downward correction, pushing Ethereum towards support levels at $3,560 and even as low as $3,470.<\/p>\n<p data-sourcepos=\"9:1-9:148\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-611071\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_06e410.png?resize=995%2C561\" alt=\"\" width=\"995\" height=\"561\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_06e410.png?w=995 995w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_06e410.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_06e410.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_06e410.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_06e410.png?w=750 750w\" sizes=\"(max-width: 995px) 100vw, 995px\"><\/p>\n<h2 data-sourcepos=\"11:1-11:41\"><strong>Key Levels To Watch<\/strong><\/h2>\n<p data-sourcepos=\"13:1-13:380\">The focus for both traders and investors has shifted to these critical resistance and support levels. These price points act as a gauge for market sentiment, with a successful breakout above resistance indicating bullish strength and a potential continuation of the uptrend. Conversely, a drop below support suggests a loss of confidence among buyers and could spark a sell-off.<\/p>\n<figure id=\"attachment_611069\" aria-describedby=\"caption-attachment-611069\" style=\"width: 630px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-611069 size-full\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_8ce8f2.png?resize=630%2C377\" alt=\"\" width=\"630\" height=\"377\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_8ce8f2.png?w=630 630w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/a_8ce8f2.png?w=460 460w\" sizes=\"(max-width: 630px) 100vw, 630px\"><figcaption id=\"caption-attachment-611069\" class=\"wp-caption-text\">Ethereum price action in the last 24 hours. Source: Coingecko<\/figcaption><\/figure>\n<p data-sourcepos=\"15:1-15:246\">The overlap of these resistance and support levels on the chart further highlights their significance. This convergence indicates a potential for a price swing in either direction, making the coming days crucial for Ethereum&#8217;s future trajectory.<\/p>\n<figure style=\"width: 2475px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/Ns2fqvFX\/\" alt=\"\" width=\"2475\" height=\"1163\"><figcaption class=\"wp-caption-text\">Ether market cap currently at $455 billion. Chart: TradingView.com<\/figcaption><\/figure>\n<h3 data-sourcepos=\"15:1-15:246\"><strong>Ethereum Price Forecast<\/strong><\/h3>\n<p data-sourcepos=\"15:1-15:246\">The <a href=\"https:\/\/coincodex.com\/crypto\/ethereum\/price-prediction\/\" rel=\"nofollow\">Ethereum price prediction<\/a> for July 2, 2024, suggests a modest upward trend, with an anticipated increase of 2.10%, bringing the price to $3,863.83. This projection is based on current market analysis and technical indicators.<\/p>\n<p data-sourcepos=\"15:1-15:246\">The sentiment surrounding Ethereum is classified as Neutral, indicating neither a strong bullish nor bearish outlook among traders and analysts. The Fear &amp; Greed Index, however, registers a score of 73, indicating a predominance of greed in the market. This high greed level can signify that investors are optimistic and willing to buy at higher prices, potentially driving the market up in the short term.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/matic-under-the-lens-why-is-polygon-busy-but-not-making-money\/\">MATIC Under The Lens: Why Is Polygon Busy But Not Making Money?<\/a><\/div>\n<p>Over the past 30 days, Ethereum has experienced considerable market activity, recording green days (days with a positive price increase) 60% of the time. This frequency of green days, combined with a price volatility of 11.11%, highlights the cryptocurrency&#8217;s dynamic nature and susceptibility to significant price swings.<\/p>\n<p data-sourcepos=\"25:1-25:584\"><em>Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum, the world&#8217;s second-largest cryptocurrency, finds itself at a critical juncture. After a strong 25% surge in the past month, outperforming its peers, Ethereum is facing a formidable hurdle in the form of resistance levels around $3,795 and $3,846. Analysts are watching this price battle closely, as it could determine the coin&#8217;s trajectory in the coming days. Related Reading: Worrying Signs For XRP: Price Tumbles As Demand Dries Up Breaking Barriers Or Bracing For A Tumble? Technical analysis paints a contrasting picture for Ethereum. If the bulls can muster enough strength to push the price above $3,845, a continuation of the rally seems likely. This breakout could pave the way for a surge towards $4,015 and even a test of $4,270, according to analyst Morecryptoonl. $ETH: Standard resistance is defined between $3,795 and $3,846. A break below $3,710 would indicate that wave c of 3 to the downside has begun. If the price breaks above $3,847, then it is worth to explore if a larger corrective rally in wave B of Y is unfolding, as per the\u2026 pic.twitter.com\/gQaC1dlDaT \u2014 More Crypto Online (@Morecryptoonl) June 1, 2024 However, a failure to breach this resistance zone could trigger a wave of selling, potentially leading to a price decline. The chart studies suggest that a break below $3,710 might mark the beginning of a downward correction, pushing Ethereum towards support levels at $3,560 and even as low as $3,470. Key Levels To Watch The focus for both traders and investors has shifted to these critical resistance and support levels. These price points act as a gauge for market sentiment, with a successful breakout above resistance indicating bullish strength and a potential continuation of the uptrend. Conversely, a drop below support suggests a loss of confidence among buyers and could spark a sell-off. The overlap of these resistance and support levels on the chart further highlights their significance. This convergence indicates a potential for a price swing in either direction, making the coming days crucial for Ethereum&#8217;s future trajectory. Ethereum Price Forecast The Ethereum price prediction for July 2, 2024, suggests a modest upward trend, with an anticipated increase of 2.10%, bringing the price to $3,863.83. This projection is based on current market analysis and technical indicators. The sentiment surrounding Ethereum is classified as Neutral, indicating neither a strong bullish nor bearish outlook among traders and analysts. The Fear &amp; Greed Index, however, registers a score of 73, indicating a predominance of greed in the market. This high greed level can signify that investors are optimistic and willing to buy at higher prices, potentially driving the market up in the short term. Related Reading: MATIC Under The Lens: Why Is Polygon Busy But Not Making Money? Over the past 30 days, Ethereum has experienced considerable market activity, recording green days (days with a positive price increase) 60% of the time. This frequency of green days, combined with a price volatility of 11.11%, highlights the cryptocurrency&#8217;s dynamic nature and susceptibility to significant price swings. Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":611073,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,6664,8323,1946],"class_list":["post-611068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-crypto","tag-eth","tag-ethereum"],"acf":[],"yoast_head":"\n<title>Can Ethereum Smash Through Resistance Or Stall After Rally?<\/title>\n<meta name=\"description\" content=\"Ethereum, the world&#039;s second-largest cryptocurrency, finds itself at a critical juncture. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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