GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout
News

ETH Increases Toward $3.5K, Erases Much of Earlier Losses (Ethereum Price Analysis)

After a bearish correction phase, the price has now reached a crucial support zone, defined by the 100-day moving average and the 0.5-0.618 Fibonacci levels.

Given the strong demand at this juncture, a mid-term bullish rebound is looking likely.

Technical Analysis

By Shayan

The Daily Chart

A detailed examination of the daily chart reveals that Ethereum has entered a significant support zone following a corrective pullback. This zone spans the price range between the 0.5 ($3421) and 0.618 ($3289) Fibonacci levels, coinciding with the critical support of the 100-day moving average ($3387).

This area is poised with potential demand, where market participants might be inclined to open long positions.

Considering these factors, an increase in demand is expected, leading to a mid-term bullish reversal targeting the $4K resistance. However, if the price drops below this support, the next significant defense line for buyers will be the 200-day moving average.

eth_price_chart_2706241
Source: TradingView

The 4-Hour Chart

The 4-hour chart clearly shows Ethereum’s recent corrective move, with the price forming a bullish continuation flag pattern.

If the price breaks out from the upper boundary of this pattern, it signals a potential continuation of the bullish trend. Currently, the cryptocurrency is near the lower boundary of this flag, aligning with the critical support of around $3.3K.

If buyers re-enter the market and demand rises, the price is expected to break above the flag’s upper boundary at $3.6K, leading to a strong uptrend towards the $4K resistance.

Conversely, if sellers push the price below the $3.3K support, a drop toward the substantial $2.9K support will likely follow. In the mid-term, the price is expected to remain within the $3.3K-$3.6K range until a breakout occurs.

eth_price_chart_2706242
Source: TradingView

Sentiment Analysis

By Shayan

While Ethereum currently rests in a critical support region with significant potential demand, analyzing the future market sentiment is essential for forecasting its next moves.

The following chart highlights the Ethereum funding rate metric, which indicates whether buyers or sellers are executing orders more aggressively. Positive funding rates suggest bullish sentiment, whereas negative rates imply bearish sentiment.

The funding rate metric recently showed a notable increase after a period of slight declines, which coincided with a corrective phase in Ethereum’s price.

This uptick suggests that demand is present near the crucial support level of $3.3K, potentially halting further downward pressure and initiating a bullish reversal. If the funding rate metric continues its upward trend, it indicates that the futures market sentiment is turning bullish, making a mid-term bullish reversal more likely.

eth_funding_rates_chart_2706241
Source: CryptoQuant

The post ETH Increases Toward $3.5K, Erases Much of Earlier Losses (Ethereum Price Analysis) appeared first on CryptoPotato.

Latest Press

post-thumbnail
News
2 hours ago
Ethereum Price to Skyrocket? $402 Million Worth ETH Outflow
The post Ethereum Price to Skyrocket? $402 Million Worth ETH Outflow appeared first on Coinpedia Fin...
READ MORE
post-thumbnail
News
2 hours ago
FDIC Releases Documents on Crypto Debanking Ahead of Congressional Hearing
The post FDIC Releases Documents on Crypto Debanking Ahead of Congressional Hearing appeared first o...
READ MORE
post-thumbnail
News
2 hours ago
Standard Chartered Forecasts Bitcoin to Hit $500,000 by 2028
The post Standard Chartered Forecasts Bitcoin to Hit $500,000 by 2028 appeared first on Coinpedia Fi...
READ MORE
post-thumbnail
News
2 hours ago
This Cheap Token Could Be the Next 17x ROI Investment If You Missed Pepe Coin (PEPE) in 2024
The post This Cheap Token Could Be the Next 17x ROI Investment If You Missed Pepe Coin (PEPE) in 202...
READ MORE
post-thumbnail
News
2 hours ago
Senate Banking Committee To Hold Hearing on Debanking Practices Today
The post Senate Banking Committee To Hold Hearing on Debanking Practices Today appeared first on Coi...
READ MORE
post-thumbnail
News
2 hours ago
Ripple (XRP) Reclaiming $3 After 7 Years Was Big News, But This Altcoin Will Reach $12 from $0.20 in Just 1 Year
The post Ripple (XRP) Reclaiming $3 After 7 Years Was Big News, But This Altcoin Will Reach $12 from...
READ MORE
post-thumbnail
News
2 hours ago
Dogen to Skyrocket 10,000% Post-Listing as Dogecoin and Shiba Inu Lose Momentum
The post Dogen to Skyrocket 10,000% Post-Listing as Dogecoin and Shiba Inu Lose Momentum appeared fi...
READ MORE
post-thumbnail
News
2 hours ago
Chamath Palihapitiya’s Crypto Strategy: Using Bitcoin to Kickstart a U.S. Sovereign Wealth Fund
The post Chamath Palihapitiya’s Crypto Strategy: Using Bitcoin to Kickstart a U.S. Sovereign Wealt...
READ MORE
post-thumbnail
News
2 hours ago
How to Buy Real Estate in the Metaverse: A Step-by-Step Guide for Beginners
The post How to Buy Real Estate in the Metaverse: A Step-by-Step Guide for Beginners appeared first ...
READ MORE
post-thumbnail
News
2 hours ago
Dogecoin Faces Bearish Pressure! Can It Still Hit $1 in 2025?
The post Dogecoin Faces Bearish Pressure! Can It Still Hit $1 in 2025? appeared first on Coinpedia F...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started