Connect with us

Hi, what are you looking for?

Investing

The price of Ethereum fell below the $3450 level yesterday

The price of Ethereum fell below the $3450 level yesterday

The price of Ethereum fell to $3430 yesterday, a new June low.

Ethereum chart analysis

The Ethereum market experienced a significant event yesterday as the price plummeted to $3430, marking a new low for June. This downward trend, similar to the weekend’s movement, intensified towards the end of the day, particularly at the $3660 support level. The emergence of new pressure in this zone triggered a bearish consolidation on Tuesday, leading to a further drop in the price of Ethereum to a new lower low.

However, the fall was halted at this level, and a recovery to the $3530 level commenced this morning. We are currently in a mild bullish consolidation, and there are expectations for further growth to higher levels. A price surge to $3560 would propel us towards the EMA50 moving average, which, with its support, could potentially boost bullish momentum and sustain Ethereum’s price recovery. The next potential higher targets are the $3575 and $3600 levels.

Ethereum is trying to hold above $3500; is there any strength to it?

The EMA200 moving average is up in the $3675 zone, while the weekly open price is at the $3706 level. We need a new negative consolidation and pullback below 3500 for a bearish option, the daily open price. With that step, we are moving to the negative side, thus confirming the weakness of Ethereum and its inability to initiate a recovery.

A further descent below the $3450 level would plunge us back to yesterday’s low at the 3430 level. This scenario would once again present the opportunity to test the June low, a critical support level. A downward impulse beyond this point would push the price to a new low, potentially prolonging the pullback. Potential lower targets are $3400 and $3350 levels, underscoring the need for vigilance in the face of potential market volatility.

The post The price of Ethereum fell below the $3450 level yesterday appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Latest News

    Former First Lady Melania Trump will ‘most certainly’ have an influence on who her husband selects as a running mate for the 2024 presidential...

    Economy

    Former U.N. ambassador Nikki Haley posted an online tribute on Sunday to her father, who she said died on Father’s Day. “This morning I...

    Latest News

    It’s hard to tell who needs who more.Former President Trump or House Speaker Mike Johnson, R-La.It’s too early to say if Mr. Trump will...

    Investing

    Maximizing Profits in Forex with the XMaster Formula Indicator Key Takeaways: XMaster Formula Indicator is a reliable and accurate tool for Forex traders to...