Since the end of the Bitcoin Halving, Ethereum has not been bullish. In fact, it might be beginning to send out new adverse signals to the market. The fact that it has broken through the significant resistance level of about $3.200 indicates this. Ether’s price has dropped below the positive zone’s lower boundary after being near $4,000 earlier.
Analysts think that because its prices are being rejected, it may be refusing to rise despite the current turmoil. In addition, it discusses the Ether ETF’s lack of direction, contrary to previous rumors that it might receive a green light by the end of this year or in the middle of 2024.
It was trading near the 23.6% Fib Retracement Level when it was last observed trading below the 100-hourly SMA. Hourly statistics show that the pair ETH/USD is consolidating losses at approximately $3,190. Because the present value is less than that, there are concerning bearish indicators visible on the trading board.
According to the most recent exchanges in the trading community, the high and low points are $3,291 and $3,105, respectively. Assuming Ether keeps rising, the first significant resistance level has been reassessed at $3,200. The forecast for the price of ETH in the upcoming year appears optimistic, despite the remaining uncertainty. There are two conceivable outcomes: $4,385 and $5,097, which alternately fall within the predetermined range.
Although the 50% Fib Retracement Level is closer to the first significant resistance level, a further loss will invite a new low or a test of the current Fib margin.
Further losses might be recorded if ETH approaches $3,030 and touches $2,850. Although it shouldn’t be too difficult to rebound to a new all-time high, traders may start liquidating their positions in the hopes of taking their profits home. It is possible that questions about purchasing the dip will arise, but current market sentiment does not support that course of action. Whales and investors might eventually become more involved, drawing in smaller investors who are prepared to stay in the market longer.
A bearish attitude has taken hold in the Bitcoin community. Bitcoin is currently up at $64,086.79 after falling 3.69% over the previous day. At $3,140.95, ETH is trading hands, down 3.47% over the same period of time. In the past seven days, there has been an increase of 4.68%. That doesn’t currently draw any benefits.
The hourly MACD has returned to its negative position. For the ETH/USD pair, the RSI is below the 50 threshold. The key levels of resistance and support are located at $3,200 and $3,100, respectively. It was anticipated that the correction would be contained enough that it wouldn’t provide a new bearish signal to the market.
