• ETH Technical Analysis: The price of Ethereum has broken out of the recent high of $2,887.51. $2,268.33 is a critical level to watch if a downturn occurs

  • ETH is a decentralized open-source blockchain system with its own coin, Ether. Ethereum, as well as many other cryptocurrencies, can be used to execute decentralized smart contracts.

    Vitalik Buterin initially mentioned Ethereum in a whitepaper in 2013. Buterin and his co-founders raised funds for the project through an online public crowd sale in the summer of 2014, and the blockchain went live on July 30, 2015.

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    Previous Results

    The current price of ETH is $3,152.92; the price has fallen by 0.55 percent in the previous 24 hours, while the market cap has fallen by 0.47 percent.

    And the price has risen by about 2.39 percent in the last seven days.

    Technical Analysis of ETH

    The RSI is currently at 56.30 percent. The RSI was rejected at 59.72 percent, breaking the trend and taking a modest dip, indicating that selling pressures had overrun the market. This month, the RSI has made a series of higher lows and briefly entered the overbought region. On a daily basis, we might anticipate a brief price drop.

    MACD and EMA are both above zero, indicating a buy. On the daily chart, however, there is a bearish crossover. Furthermore, the EMA is rising above the MACD, indicating that selling forces are high on the horizon.

    On the daily chart, the OBV has been moving steadily, indicating a neutral trend.

    Today and Tomorrow

    The price has risen over its recent high of $2,887.51. On the graph, the price is falling. We may expect the price to find support and recover from $2,268.33. These are the critical levels of support that must be monitored.

    However, if the market is overcome by buying pressure, the price may test $3,368.7; if the price breaks out, it will highlight the next resistance level at $3,657.9. As a result, traders can go long from this point.

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