Ethereum is encountering difficulties in surpassing the $1,900 resistance against the US Dollar. A close below $1,850 could potentially lead to bearish momentum for ETH. Despite making another effort to break above the $1,900 level, Ethereum was unable to gather enough bullish momentum, resulting in a new downward trend, mirroring Bitcoin's recent performance.
In the midst of the prevailing uncertainty in the cryptocurrency market, Ethereum's price has shown a subtle recovery while adhering to the diverging trendlines of the broadening channel pattern. This particular chart pattern indicates a rise in volatility and highlights the indecisiveness among market participants. However, the recent breach of the support trendline within this pattern suggests an imminent decline in the price of ETH.
On the 4-hour chart, Ethereum (ETH) has broken below the wedge pattern and is now consolidating below it. Additionally, the current trading position is below all the Exponential Moving Averages (EMA) on the 4-hour chart. Notably, an Inverted Head and Shoulder pattern has emerged on this timeframe. Once the price surpasses the 'neckline' of this pattern, it would confirm a bullish move, leading investors to anticipate an upward price swing equivalent to the pattern's height projected above the breakout point, which amounts to $2,000 in the case of Ethereum.
Based on Coingabbar Price Analysis, Ethereum's capitalization currently stands at approximately $224,827,094,351. The anticipated 24-hour trading volume is estimated to be around $6,733,386,024.
KEY LEVELS :
RESISTANCE LEVEL : $1,900-$1,945
SUPPORT LEVEL : $1,840-$1,810
Is Ethereum encountering difficulties in surpassing the $1,920 resistance level? Is there a possibility of a potential retracement to $1,800, and if that scenario unfolds, do you anticipate buyers entering the market? Are traders currently expressing uncertainty regarding the future outcome due to the low volatility environment and the upcoming FOMC meeting? Kindly share your technical analysis perspectives in the comment box below.
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.
