Ethereum Technical Analysis: ETH Eyes Bullish Rebound Amidst Consolidation
Ethereum’s price on July 22, 2024, stands at $3,497, showing a dynamic interplay of market forces. The cryptocurrency’s recent movements exhibit consolidation
Ethereum’s price on July 22, 2024, stands at $3,497, showing a dynamic interplay of market forces. The cryptocurrency’s recent movements exhibit consolidation with a potential bullish resurgence.
Ethereum
The 1-hour ETH/USD chart reveals critical support at $3,411 and resistance at $3,565. Ethereum’s price has been oscillating within these boundaries, with noticeable volume spikes at pivotal movements, indicating strong market interest and potential reversal points. The recent trend displays a downward trajectory followed by recovery, suggesting a tactical entry around $3,480-$3,500, anticipating a rebound towards the resistance level of $3,565.
On the 4-hour chart, ethereum exhibits a broader support zone around $3,366 and resistance at $3,565. High volume during significant price movements, especially during recent declines and recoveries, marks these levels as crucial. The price’s sharp drop followed by a steady recovery hints at a consolidation phase.
