Ethereum Faces $2,400 Resistance Challenge
- Price Resistance Analysis: Ethereum faces significant resistance at the $2,400 mark, primarily due to strategic sell orders from large asset holders, which complicates its ability to break through and impacts overall market sentiment.
- Whale Influence: Major holders, or 'whales', have placed substantial sell orders near $2,400 on platforms like Binance, effectively curtailing Ethereum's price elevation potential, as it briefly rose from $2,233 to only $2,267.
- Key Support Levels: On Coinbase, buy orders around $2,320 create another layer of resistance, indicating the influence of significant U.S.-based investors, with a breach of $2,323 deemed essential for any near-term price recovery.
- Market Outlook: Experts warn that if Ethereum fails to surpass $2,323, the current negative market trend will persist, while a successful move could challenge the $2,380 resistance, keeping market participants vigilant for potential shifts.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 5 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 2034.917 | 2134.524 | 2224.527 | 2324.134 | 2414.137 | 2513.744 | 2603.747 |
| Fibonacci | 2134.524 | 2206.955 | 2251.703 | 2324.134 | 2396.565 | 2441.313 | 2513.744 |
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