Ethereum
Chart of the day – ETHEREUM (06/24/2024)
Major cryptocurrencies, such as Bitcoin, traded lower over the weekend, continuing their downward movement that began in the first week of June. However, the pace of selling picked up on Monday, with Bitcoin and Ethereum falling more than 2% today and Dogecoin trading down more than 6% at press time. Sentiment towards cryptocurrencies has been weakening for some time amid signs of diminishing demand for institutional investment, with Bitcoin ETFs seeing daily outflows for about a week now.
Taking a look at the ETHEREUM chart at the H4 interval, we can see that the price took a hit today and fell to important short-term support. The $3,350 support zone matches previous price reactions and also serves as the lower limit of the near-term trading range. A break below would not only push the price to the lowest level in a month, but also raise the possibility of a decline to $3,050, where the classic downside breakout target lies. trading range. On the other hand, if the bulls take control of the market and prices start to rebound for the $3,350 area, the main resistance level to watch will be the $3,650 area – the upper limit of the range . However, the midpoint of the range in the $3,500 area could also offer some resistance, as was the case previously.
Source: xStation5