Ethereum Breaks the Support at $3356.0
By
Azeez Mustapha
PUBLISHED:
Jun 24 2024 @ 06:27
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More info about Azeez Mustapha
Ethereum experienced an impulsive bullish expansion in May, marked by a breakout from a bullish flag chart pattern visible on the 24-hour chart. This surge pushed the price to 3726.0 before market exhaustion set in, leading to a consolidation phase. The consolidation at this resistance level was characterized by a triple-top bearish reversal pattern. Eventually, the price dipped to 3356.0. The swing high from the correction phase in April has provided support, preventing further declines. The previous resistance zone now serves as support. The price tested the support level of 3356.0 twice before Ethereum broke the support at $3356.0
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Ethereum Key Levels:
- Demand Levels: 3356.0, 2890.3, 2292.0
- Supply Levels: 3727.0, 4086.0, 4500.0
What Are the Indicators Saying?
The Awesome Oscillator revealed a lack of bullish momentum and market weakness following the bullish expansion to 3726.0. The indicator’s green bars gradually turned red, becoming shorter as the price fell below $3726.80. Upon breaking the key level of 3726.90 to the downside in June, the Lorentizan Classification Machine Learning indicator signalled a sell. Currently, both the indicators and price action show market weakness. It is important to remain patient and wait for positive changes before riding the next impulsive wave, as trading during a correction phase increases risks. The break of the support at $3356.0 shows the continuation of the downtrend.
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