Ethereum Price Analysis: Will ETH Retest $1,364.37 Level?


  • ETH price flashes signs of bullishness on 7-days price chart.
  • ETH faces resistance at $1,364.37.
  • 24-hour trading volume for Ethereum is hovering at $13,612,041,778.00.
  • The EMA(50) is currently at $1,421.10.

24 April 2024 : In this article we will walk you through Ethereum price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Ethereum, Is ETH a good investment? Ethereum support & resistance levels etc. But before diving deep into the ETH technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $2,373,352,487,141. The total trading volume stands at $83,573,974,392. Bitcoin shares 53.24 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $64,136.17 level after a decline of -3.45%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price decrease of -2.32 percent reaching to $3,143.83 during the previous 24 hours.
While publishing this blog, BNB traded at $608.19, following a price change of -0.13%within the same time frame. SOL the native coin of Solana is down by -5.2 and currently trading at $148.55. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Ethereum Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Ethereum (ETH)

ETH Resistance Levels ETH Support Levels
Resistance Level 1 $1,364.37 Support Level 1 $1,220.75
Resistance Level 2 $1,425.69 Support Level 2 $1,138.45
Resistance Level 3 $1,507.99 Support Level 3 $1,077.13

Ethereum Performance

The price of Ethereum (ETH) is at $3,143.83, down -2.32% in the past 24-hours and has a price change of 5.06% over the week. One day trading volume for BTC is 13,612,041,778.00 USD while total marketcap reached $383,695,461,192.00 USD. There are almost 122,047,160 are in circulation out of 122047160.

Ethereum Price Analysis

ETH price analysis for 24 April 2024 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Ethereum.

Moving Averages Price Indicator
Simple Moving Average (10) 1,301.46 Buy
Exponential Moving Average (10) 1,306.77 Buy
Simple Moving Average (20) 1,315.23 Buy
Exponential Moving Average (20) 1,316.70 Buy
Simple Moving Average (50) 1,424.79 Buy
Exponential Moving Average (50) 1,421.10 Buy

The MACD line is standing above of the signal line after a positive crossover. Ethereum investors need to wait for any directional change over the daily chart. RSI implying consolidation phase while trading at 42 and is trying to break out of the neutrality zone. While ETH’s Williams %R indicator is at -28.959 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range.

Conclusions

Ethereum has few recovery chances and might continue testing immediate resistance level of $1,364.37 in the coming days. While the gradual bullish movement in the overall cryptocurrency space can keep ETH investors hopeful.