Lokesh Gupta
24-05-2024
#Ethereum failed to exceed $4,000 even after the SEC approved eight Ethereum-based ETFs.
Ethereum's price dropped sharply after rallying towards $3,948.
Immediately after the approvals, Ethereum's price briefly hit $3,900, then fell back and is now trading near below $3,700.
Following a 25% rally, bulls failed to breach the $4,000 psychological resistance and the 78.60% Fibonacci retracement level.
Yesterday, there was a rejection indicated by the printing of a long upper wick.
According to Coingabbar Prediction, If $ETH breaches the $4,000 resistance, which is the previous February peak, it can quickly rise to $5,000.
Conversely, if ETH faces resistance at the $4,000 level and drops below $3,500, short-term profit-taking may ensue.
KEY LEVELS :
RESISTANCE LEVEL : $3,740-$3,830
SUPPORT LEVEL : $3,550-$3,460
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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.
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