Ethereum (ETH) Price Bounces Bullishly: Back to Uptrend Territory?

Wednesday, 24 April 2024, 15:00
Ethereum's recent bounce at $2,867 suggests a potential reversal of the correction phase, with resistance levels to watch at $3,277, $3,320, and $3,650. Breaking out of the descending channel could indicate a bullish trend, targeting the previous high of $4,095. The MACD and EMAs show bullish signals, but the RSI remains neutral, while the death cross on the 4-hour chart poses a short-term bearish outlook.
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Ethereum (ETH) Price Bounces Bullishly: Back to Uptrend Territory?

Ethereum (ETH) Quick Recovery

ETH rebounded from the 0.382 Fibonacci support level at $2,867, sustaining an upward trajectory.

Resistance Levels

Notable resistances lie at $3,277, $3,320, and $3,650, with the golden ratio at $3,650 signaling the end of the correction.

Technical Indicators

MACD and EMAs support a bullish trend, while the RSI remains neutral.

Death Cross

4-hour chart shows a death cross, but breaching $3,320 may lead to a bullish reversal.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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