ETH Price Took Support At An Important Level; Is $4000 Mark Soon

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  • The Ethereum price has surpassed the 200-day EMA, indicating a bullish forecast.
  • ETH coin’s price has declined by 20% in a month.

The ETH price has shown strong bullish momentum on a wider time frame and surged by 42% YTD. However, the digital asset price has performed negatively in the short term and lost 20% in a month.

After a negative move, the Ethereum price slipped below the 200-day EMA but gained support at the major support level of $2900. After taking support, the ETH price has surpassed the 200-day EMA and has headed for the 20-day EMA.

Based on the technical indicators, the MACD has triggered a bullish crossover with the Signal line, and histograms have just flipped to green. RSI has recovered from the oversold zone and risen by generating a golden crossover with the RSI-based moving average.

Moreover, the technical indicators are favoring bullish forecasts. The price bounced back from the $2900 level during the sharp fall, and a trend reversal is expected.

Crucial Weekend on Its Way for ETH?

A source on X claims that it is going to be a crucial weekend for Ethereum. Historically, the ETH price declined because of resistance from a trendline in March. It triggered a breakout from the trendline and surged by 25% in just 2 days.

At the time of writing, the Ethereum crypto price has declined due to resistance from the trendline. The price has grabbed the liquidity below the 200-day EMA and is heading for the trendline. Breakout from the trendline might show a strong bullish momentum and would repeat history.

Technical Analysis of ETH on 1-D Timeframe

Ethereum crypto was being traded at $3164 at press time with an intraday gain of 1%. The market capitalization was $378.65 Billion, ranking 2nd in the cryptocurrency market. The 24-hour trading volume was $11.16 Billion at press time, and the circulating supply is 120,213,385 ETH.

The ETH price has gained bullish momentum at the major support level, indicating buyers’ interest. Suppose the price manages to sustain over the 200-day EMA, buyers may be eyeing the $4000 hurdle.

On the other hand, buyers may panic if the Ethereum crypto price fails to sustain over the 200-day EMA. Assuming the price starts trading below the major support level of $2900, profit booking can be experienced, which may lead to a bearish trend.

Will ETH Reach Last Swing High or Profit Booking?

The ETH price has shown both positive and negative movements in the short term, with indications of bullish momentum over a wider time frame. If the price sustains over the 200-day EMA, we might see a bullish breakout towards the $4000 mark. 

However, if the price fails to hold above the major support level, we could experience a bearish trend.

Technical Levels

Ethereum crypto price is expected to face resistance from the $3450 and $3880 levels. It may take support at the $2900 and $2200 mark.

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.

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