Decoding The Ethereum (ETH) Price Analysis!
From the last quarter of 2023, the price showed 165% by reaching $4075 by the first quarter end of 2024. The price at $4075 displayed deterioration after mid-March 2024 in a falling wedge, which formed a support at $2870 by mid-May 2024, and thereon a breakout propelled tearing the upper boundary of the wedge by May end of 2024.
After the failure of sustenance near $3961.3, the price fell back to $2870 by July 5th and has been displaying a bullish presence from the support. The MACD has formed a bullish cross, and the RSI flashed at 43.72, which has crossed 14-SMA from below.
Therefore, at press, the price traded at $3159, and if it keeps on rising, then the resistances could be at $3250, and $3500, respectively. However, if it fails to bounce past $3250, then it could land back to $2850, and breaching this would start a bearish trend for lower depths.
After the failure of sustenance near $3961.3, the price fell back to $2870 by July 5th and has been displaying a bullish presence from the support. The MACD has formed a bullish cross, and the RSI flashed at 43.72, which has crossed 14-SMA from below.
Therefore, at press, the price traded at $3159, and if it keeps on rising, then the resistances could be at $3250, and $3500, respectively. However, if it fails to bounce past $3250, then it could land back to $2850, and breaching this would start a bearish trend for lower depths.
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