Ethereum Technical Analysis: Bulls Face Critical Resistance at $3,900

Ethereum’s price over the past hour has been $3,785 to $3,816, showing an intraday range between $3,746 and $3,837 in the last 24 hours. The crypto’s market capitalization today stands at $458 billion, with a 24-hour trade volume of $10.75 billion.

Ethereum

On the 1-hour chart, ethereum demonstrates strong support at $3,750 and resistance at $3,842. The recent spike in volume corresponding with a significant upswing indicates strong buying interest. Ether’s price oscillation between $3,750 and $3,840, followed by a slight pullback from the resistance at $3,842.5, suggests a potential retracement.

ETH/USD daily chart.

The 4-hour chart reveals broader support at $3,700 and resistance at $3,885. Lower trading activity is indicated by relatively lower volume compared to the 1-hour chart. The price has shown an upward movement from the support at $3,700 to the resistance at $3,885, with consolidation around the $3,800-$3,840 range.

ETH/USD 4-hour chart.

On the daily chart, ethereum shows a strong support level at $2,813 and resistance at $3,980. Volume spikes during significant price movements highlight the rally from the support at $2,813.4. The overall trend has been bullish, with a notable uptrend from $2,813 to around $3,980. The recent consolidation below $3,980 suggests the potential for either continuation or reversal.

Oscillators present a mixed yet slightly bullish picture. The relative strength index (RSI) at 64.9 and the Stochastic at 75.0 both indicate neutral conditions, while the commodity channel index (CCI) at 52.2 and the average directional index at 41.7 also remain neutral. However, the momentum at 85.7 and the moving average convergence divergence (MACD) level at 170.2 both suggest a bullish signal, indicating positive momentum and potential for further price increases.

All moving averages (MAs) signal optimism, supporting the bullish trend. The exponential moving average (EMA-10) at $3,752 and the simple moving average (SMA-10) at $3,797 both support short-term bullish sentiment. Similarly, the EMAs (20, 30, 50, 100, 200) and the SMAs (20, 30, 50, 100, 200) consistently indicate buy signals across different time frames, further reinforcing the positive outlook for ethereum.

Bull Verdict:

Based on the technical analysis, ethereum demonstrates a strong bullish trend supported by critical moving averages and key support and resistance levels. Positive momentum indicated by the MACD and momentum oscillators, along with buy signals across all MAs, suggests potential for continued upward movement. Strategic entry and exit points aligned with volume analysis further enhance the bullish outlook for ethereum.

Bear Verdict:

Despite the overall bullish indicators, caution is warranted due to the neutral readings from several oscillators and the recent consolidation below key resistance levels. If bearish downturns or volume decreases appear near resistance levels, it could indicate a potential retracement. Monitoring these signals and setting stop-losses is advisable to mitigate downside risk.

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