#Ethereum ($ETH) failed to break above the $3,520 resistance level and started a new downtrend.
Following #Bitcoin's lead, ETH saw a correction of around 5.30%.
After holding above $3,200 for over 45 days, ETH dropped below this crucial support.
On July 1st, $ETH broke below a key channel, leading to a nearly 10% decline over the past three days.
ETH's decline from channel top to bottom occurred swiftly in just two days on the daily chart.
The daily chart shows ETH breaking below its long-term upward trendline.
Currently, ETH is trading below the 20-day, 50-day, and 100-day Moving Averages, struggling to stay above the 200-day MA.
According to Coingabbar Prediction, If ETH closes below the 200-day MA and remains below the trendline, the next support levels are at $3,050 and $2,850.
To regain a bullish outlook, ETH needs to hold above the 200-day MA and reclaim the $3,300-$3,500 levels.
KEY LEVELS :
RESISTANCE LEVEL : $3,280-$3,350
SUPPORT LEVEL : $3,070-$2,920
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
Also read: Bitcoin Price Prediction: Is the Bull Rally Fizzling Out?
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.
05-07-2024
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The dips in Ethereum's price ahead of the anticipation of a Spot ETF (Exchange-Traded Fund) launch can be influenced by several factors:... The dips in Ethereum's price ahead of the anticipation of a Spot ETF (Exchange-Traded Fund) launch can be influenced by several factors: Market Speculation: Traders and investors often speculate on the impact of new financial products such as ETFs. Anticipation of a Spot ETF for Ethereum can lead to speculative buying and selling, causing volatility in the price. Profit-Taking: Investors who bought Ethereum at lower prices may decide to take profits as the price rises in anticipation of positive news like an ETF launch. This selling pressure can temporarily drive prices down. Market Sentiment: The overall sentiment in the cryptocurrency market plays a crucial role. If there is uncertainty or negative news affecting the broader market, Ethereum's price can be affected regardless of ETF anticipation. Regulatory Concerns: Regulatory developments or uncertainties around ETF approvals can also impact prices. Delays or unexpected regulatory hurdles can lead to market reactions and price adjustments. Technical Factors: Price movements in Ethereum can also be influenced by technical factors such as support and resistance levels, trading volumes, and market liquidity. Global Economic Factors: Macroeconomic events or changes in global financial markets can indirectly affect cryptocurrency prices, including Ethereum, during periods of heightened sensitivity. Investors and traders closely monitor these factors and adjust their positions accordingly, contributing to price movements ahead of significant events like the potential launch of a Spot ETF for Ethereum. It's important to consider these dynamics when analyzing price movements in cryptocurrency markets.