More On: eth
Over $7 billion has been taken out of Tether, prompting further concerns about the stablecoin's support
- ETH price is stuck between the 200-day SMA at $3,491 and a high volume node at $3,136. This is where the price is now.
- A rise above $2,820 to $2,966 is likely to cause a 25% rise to $3,701.
- This means that if a daily candlestick goes below the $2,820 support level, it will make a lower low and invalidate the bullish case.
The price of Ethereum has been going up a lot since March 14, but it's been stuck in a range for the last two weeks. Before ETH moves to important levels, it looks like it's going to go back down again for a while.
Ethereum needs to fight for the bulls.
On April 3, the price of Ethereum rose above the 200-day Simple Moving Average (SMA) at $3,490. This was a short-lived rise, though. So, ETH fell 11% as it fell toward the immediate support level, which is where a lot of people buy and sell ETH, at $3,136.
It is important for ETH to retest this barrier in order to start a run-up. In some cases, there could be even more retracement to hit the daily demand zone, which runs from $2,820 to $2,966. Such a move will let buyers get ETH at a discount, which will start a new rise in the price.
Low-volume node: In this case, $3,703 is the next place to look for it. This would be a 25% rise, which would be hard because the 200-day Simple Moving Average is at $3,491. People who invest in the stock market should expect a wick to the $4,000 level.
If the price of Ethereum breaks below the $2,820 support level on a daily time frame, the bullish outlook will be called into question. Such a development could cause the smart contract token to fall to $2,000 before the direction of the price is changed.
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