- Ethereum (ETH) ranked 2nd in the cryptocurrency market in terms of market cap.
- ETH crypto price had surged by 794097.82% from its all-time low.
ETH has displayed bullish momentum since 2023 and has gained 180% till now. The bullish trend was interrupted near the $4000 hurdle and displayed weakness due to short-term profit booking.
The Ethereum crypto price unsuccessfully reattempted to overcome the $4000 mark and fell.
On May 20, 2024, the ETH price furiously surged by 20.48%, but buyers once again failed to pull through. After this bullish momentum, investors preferred to book profits, which resulted in a bearish thrust.
Ethereum crypto was trading at $3345.21 at press time and had lost around 2.20% over the past 24 hours. The market capitalization was $401.62 Billion, and the 24-hour trading volume was $11.21 Billion at the time of writing.
Ethereum Price Analysis Over 1-D Timeframe
On a daily time frame, the ETH crypto price had declined through a falling channel after facing resistance from the $4000 hurdle. The price struggled to exceed the 20-day EMA over the past few weeks.
If ETH price is below the $3360 level, and it might be an opportunity for the sellers to drag the price to the 200-day EMA. Below the major support level of $2800, selling pressure may increase.
On the other hand, buyers may become confident if the digital asset price breaks out from the channel. The rise in trading volume during the breakout may help overcome the $4000 hurdle.
Based on the technical indicators, the Ethereum price traded over the 200-dat EMA at the time of writing. At the same time, the RSI has generated a death crossover with the RSI-based moving average.
Buying Pressure Loading?
$ETH Descending Channel Breakout & Retest is confirmed on the 4hr timeframe Chart..✅
— Captain Faibik (@CryptoFaibik) July 2, 2024
C’mon bulls, let’s push it to $4,000! 🚀💰#Crypto #ETH #Ethereum pic.twitter.com/eQhDlseWXh
A source on X claimed that ETH fell through a descending channel over the 4-H timeframe. Breakout and retest have been confirmed on the 4-H time frame at press time, and the price is ready to approach the $4000 mark soon.
Performance
Based on its historical performance, ETH gained 71.11% in a year while 46.64% YTD. It lost around 11% in a month but increased by 1.07% over 3 months.
![ETH](https://themarketperiodical.com/wp-content/uploads/2024/07/image-38.png)
Is the $4000 Mark Close Enough?
The recent resistance at the $4000 level has been a key obstacle for ETH. Ethereum has showcased strong bullish momentum despite the short-term fluctuations and a bearish thrust.
The digital asset price may face challenges if it sustains below the $3360 level, potentially leading to increased selling pressure.
However, a breakout from the falling channel and a rise in trading volume could instill confidence in buyers and potentially lead to a successful attempt at breaching the $4000 hurdle.
Technical Levels
The bullish trend in the Ethereum crypto may get disturbed near the $3640 and $4000 levels. ETH may find support at the $3360 and $2800 levels.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.