is retracing to $3.7k, the resistance zone that turned to support before retesting to surge to a target high of $4k. This support zone could lead to a surge towards the target high of $4k.
However, the fair value gap below $3.7k might act like a price magnet, pulling the price lower and potentially breaking this support. If the bearish momentum pulls the price past the support zone a retest at the upward trendline support is likely.data shows a 2.24% decrease in price over the last 24 hours and a 2.16% increase over the last 7 days. The overall Ethereum performance is on a bullish move as investors keep eyes on the $3.7k support level.
Additionally, it indicated that 135k addresses are breaking even. It showed that the key prices ranges from $3.3K to 3.6K in profits and $3.9 to $4k in losses.This distribution indicates a significant support and resistance levels based on the holders profitability.The Bollinger bands in the daily chart widened, indicating a high volatile market that could steer a slight bearish pressure to the support zone at around $3.7k and break out to surge to $4k target.
The stochastic RSI shows an overbought reading suggesting a short term retracement before continuation of the overall bull run.Kelvin Murithi is a freelancer cryptocurrency price analyst working with AMBCrypto. He has significant experience in financial markets and digital assets. He also has a background in market analysis, investment strategies, and economic forecasting.Subscribe to get it daily in your inbox.
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