Lokesh Gupta
08-01-2024
According to Coingabbar Technical Analysis, Ethereum, mimicking Bitcoin, encounters resistance at $2,300, unable to break through.
The third reversal from the $2,400 resistance highlights a robust supply zone.
Facing difficulty surpassing the $2,300 resistance, ETH might experience a prolonged decline if it remains below.
Examining the daily timeframe, an upward trend is observable since surpassing the 50-day moving average and the descending channel.
ETH discovers support at $2,100 and the 38.2% Fibonacci retracement.
Numerous nearby support levels remain, providing a potential buffer to prevent the cryptocurrency from declining further.
The market's trajectory depends on the likelihood of a breakout from the present range.
KEY LEVELS :
RESISTANCE LEVEL : $2,260-$2,310
SUPPORT LEVEL : $2,190-$2,140
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
5 months ago
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