Boutique Media & consulting group
BTC$62725
ETH$3169
BNB$590
XRP$0.52
Weekly Outlook During the week of March 4th to 10th, 2024, Ethereum (ETH) prices broke through the long-term resistance zone of $3,550. This was the final resistance before the historical peak of $4,800.
However, the ETH price only reached a yearly high of $4,100 before falling back below the $3,550 region. This trend suggests that the previous breakthrough was merely a deviation (red ellipse), which is often followed by a sharp decline.
Indeed, this week’s price action has confirmed the $3,550 region as a resistance level with a significant drop (red arrow).
The weekly Relative Strength Index (RSI) has clearly broken below 70 and is tilting downwards, indicating that bears are taking over the volume again.
As a result, the ETH price may continue to fall to the support zone of $2,700, formed by the previous resistance area and the 20-week moving average.
Horizontal Support Zone The daily chart shows that ETH prices rebounded from the minor horizontal support area of $3,250 on April 2nd (green arrow). However, the weak recovery over the past three days suggests a lack of buying pressure at higher levels.
The daily RSI has fallen below the 50 level and is sloping downwards, indicating that bears are controlling the recent price trend.
Therefore, in the coming days, the ETH price may break below the horizontal support area of $3,250.
Conclusion The most likely scenario is that the ETH price will break below the $3,250 support level and may fall towards $2,700 in the near future.
If the ETH price breaks through the $3,500 area within the weekly timeframe, the bearish view will be invalidated.
Sentiment: Neutral
See also
