Ethereum Price Prediction, ETH Support Holds the Key to Revival

Key Takeaways
  • Ethereum experiences a recovery following the losses from Wednesday's flash crash, driven by speculation surrounding the potential approval of a spot ETF.
  • The pivotal question remains: Can Ethereum uphold the $2,150 support and successfully breach the $2,450 level amidst ongoing speculations?
05-01-2024 By: Lokesh Gupta
Ethereum Price Prediction, ETH Support Holds the Key to Revival

ETH finds support at $2150 but struggles to break $2300.

  • According to Coingabbar Technical Analysis, Ethereum initiated a recovery wave above the $2,200 level, aligning with Bitcoin's movement.

  • However, ETH failed to surpass the $2,300 resistance, encountering bearish pressure around this level and the 100-hourly Simple Moving Average.

  • Currently, ETH is hovering near the lower trendline of the Ascending Channel pattern.

  • ETH is currently within the Bearish Flag Pattern as observed on the 4-hour chart.

  • A potential scenario involves a fresh decline if the price remains below the $2,300 resistance zone.

  • ETH is displaying bearish indicators, raising concerns about a revisit to the $2,150 support level.

KEY LEVELS :

RESISTANCE LEVEL : $2,300-$2,350

SUPPORT LEVEL : $2,210-$2,150

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.

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