Ethereum prices have been under pressure, moving sideways. The current ETH price is approximately $3,345.74, down 0.95% from the previous close.
ETH Price Analysis
Ethereum has faced challenges in reclaiming the critical $4,000 resistance, leading to a significant 15% weekly drop. Strong support and resistance levels are defined based on Fibonacci retracement.
Technical Indicators
The daily Relative Strength Index (RSI) is at 35.62, indicating approaching oversold conditions. Both long-term and short-term moving averages suggest continued bearish momentum, with MACD level at -1.056 reinforcing this trend.
ETH Price Prediction
Despite current bearish sentiment, forecasts vary. Some analysts predict ETH could reach new highs by the end of 2024, contingent on overcoming resistance levels at $3,384.62 and above.
Current market uncertainty for Ethereum poses both threats and opportunities for price movement. Holding key support levels could trigger potential growth.
