Ethereum recently performed a major uptrend by surpassing its prior swing high at $2K, creating a bullish sentiment in the market. But a head-and-shoulder reversal pattern was formed, causing a 14% plunge in the price. Ethereum is now close to the critical support of $1.7K - $1.8K, a significant support zone between the 50 and 100-day moving averages. Ethereum's near future will likely be determined by whether it breaks out of this region or finds support here. If it breaks out downward, its previous major swing low at $1.4K will be the primary support, while a rally towards the upper trend line of the channel is expected if the price finds support. Market analysis using the 4-hour timeframe indicates that the cryptocurrency is struggling to break the mid-point of the channel downwards.
Overall, Ethereum is currently in a precarious situation, and further development over the coming days must be closely monitored in order to determine the next possible trend for the cryptocurrency.
Ethan Garcia
- 2023-04-24
Significant Support Zone For Ethereum
Ethereum has recently performed a major uptrend and surpassed its prior swing high at $2K, but a head-and-shoulder reversal pattern caused a 14% plunge in the price. The cryptocurrency is now close to the critical support of $1.7K - $1.8K and is struggling to break out of this region.
