CandleFocus Why is ETH Stalling Behind the Crypto Market? (Ethereum Price Analysis)
2024-09-30
Author: Content Editor
Ethereum has temporarily lost its bullish momentum after breaking above the middle boundary of a descending price channel. It is approaching the crucial $2.8K resistance level, where buyers and sellers are battling it out. A breakout above $2.8K could indicate the continuation of the uptrend, while rejection could lead to a reversal or consolidation towards the $2.5K support. On the 4-hour chart, a three-drive pattern suggests sellers are gaining strength, potentially leading to a bearish retracement towards $2.4K. However, if buyers regain control and push the price above $2.8K, Ethereum could extend its uptrend towards $3K. Analysis of the Taker Buy/Sell Ratio suggests a potential shift in market sentiment, with the ratio rebounding and indicating a potential squeeze in aggressive selling, setting the stage for a market rally.
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