Ethereum – ETH – likely to rally by 5%

Ethereum is holding the support, with resistance ranging between $3,100 and $3,200. Speculation states that it could soon bag a rally of 5%.  It is contingent on the factors that will sustain the next-best resistance for longer. Currently, at $3,262.57, Ether’s next best support is around $3,220.

Anything above the mark of $3,000 has been identified as a positive zone for ETH. A decline below that threshold could lead to bearish sentiments, particularly if a decline below $3,000 remains possible. The 100-hourly SMA technical indicator highlights that trading above $3,165 will yield fruitful results. As a pair, ETH/USD has its sights on $3,170 support.

Both figures are closer to each other, so it is safe to assume that the pair can only afford a fall to $3,165 at the maximum level.

ETH is way above $3,150, sending bullish signs across the ecosystem. Two factors are driving the movement on the chart for ETH – Bitcoin Halving and Ether ETF. Bitcoin Halving has already happened, with effects likely to show signs in the days to come. On the other hand, Ether ETF has no certainty about what will happen by the middle of 2024. If anything, it could now happen at any time by the end of 2024 with no certainty whatsoever. There is no official confirmation of the tentative timeline. Ether enthusiasts continue to anticipate this milestone eagerly.

ETH earlier dipped below the 50% Fib retracement level by swinging low to $3,263 as a high and $3,154 on the opposite side.

The two closest resistance marks are $3,350 and $3,550. Reaching and maintaining those levels will demonstrate the possibility of a subsequent increase to $3,880, the resistance level. There is a chance that the token will test the support at $3,750 for some time. A downside correction remains an obvious event. Ethereum price prediction estimates that the growth, if unhampered, will lock in the value of $5,000 by the end of this year. It could also reach the milestone of $4,300 before next year.

Ethereum has seen 1.63 million addresses holding almost 4.45 million Ether tokens. For reference, a single ETH is worth $3,262.48 at the time of writing this article.

The hourly MACD shows that there is momentum for a bullish scenario. The hourly RSI has placed the rating above the 50 level. The major support and major resistance levels have been defined at $3,120 and $3,280, respectively.

Bulls are attracted to the high, including those who could be potentially sitting on paper losses, waiting to take home a portion of the profit. ETH was once around $3,800. Accumulation at that time has resulted in losses right now. If investors don’t have a compelling reason to hold for the long term, a rise in the value of ETH could trigger a slight sell-off. This necessitates disregarding the volatility requests that may arise at any given moment.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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