Ethereum faces resistance at $2500, struggling to break out despite a bullish channel formation in the weekly chart.
The ETH market shows potential weakness, with a possible retest phase that could lead to a decline to the $2000 level.
The $2500 breakout rally, if successful, might push ETH towards the $3000 resistance zone.
Recent market shifts, particularly before the anticipated Bitcoin Halving, suggest increased seller activity.
Ethereum's current price trend reveals a potential double top formation, indicating a possible pullback.
Technical indicators, however, still support a bullish recovery scenario for Ethereum in the upcoming months of 2024.
ETH's weekly chart demonstrates sustained bullish momentum from late 2022, overcoming the $2000 barrier.
A notable increase in trading volume and momentum supports the likelihood of a continued bull run in 2024.
The current resistance at the channel's upper boundary and a dip in trading volume indicate a critical retest phase at $2400.
Ethereum's daily trade at $2469 faces resistance, with recent activity leading to $28 million in long liquidations.
The weekly RSI suggests a positive trend but warns of a potential short-term pullback due to bearish divergence.
IntoTheBlock data reveals that 77.39% of Ethereum addresses are profitable, with only 20.51% 'out of the money'.
The ETH market shows potential weakness, with a possible retest phase that could lead to a decline to the $2000 level.
The $2500 breakout rally, if successful, might push ETH towards the $3000 resistance zone.
Recent market shifts, particularly before the anticipated Bitcoin Halving, suggest increased seller activity.
Ethereum's current price trend reveals a potential double top formation, indicating a possible pullback.
Technical indicators, however, still support a bullish recovery scenario for Ethereum in the upcoming months of 2024.
ETH's weekly chart demonstrates sustained bullish momentum from late 2022, overcoming the $2000 barrier.
A notable increase in trading volume and momentum supports the likelihood of a continued bull run in 2024.
The current resistance at the channel's upper boundary and a dip in trading volume indicate a critical retest phase at $2400.
Ethereum's daily trade at $2469 faces resistance, with recent activity leading to $28 million in long liquidations.
The weekly RSI suggests a positive trend but warns of a potential short-term pullback due to bearish divergence.
IntoTheBlock data reveals that 77.39% of Ethereum addresses are profitable, with only 20.51% 'out of the money'.