The post Ethereum (ETH) Faces Consolidation After Reaching $3.4K appeared on BitcoinEthereumNews.com.

Ethereum remains consolidated within the $3.1K range. ETH’s surge is crucial to bolster the altcoin rally. The altcoin market saw remarkable growth this month, with SOL, XRP, ADA, PEPE, and FLOKI surging in double-digit returns. Consequently, the anticipation of the altcoin season mounts. ETH’s surge might be the missing piece to solidify the altcoin market rally. The largest altcoin, Ethereum (ETH) has stalled behind other major assets and failed to secure expected gains. After visiting a high of $3.4K on 12 November, ETH price failed to continue its upside trajectory and started a downside correction.  Ethereum managed to find its strong support at $3K levels and lost over 0.13% over the past 24 hours. However, due to its bearish pressure, ETH is poised to trade on the downside. At press time, ETH trades at $3,106.  The asset has visited its lowest price of $3,052 and climbed to a peak of $3,225. Notably, the market has observed a liquidation of $49.53 million worth of Ethereum and the daily trading volume of ETH stays at 36.63 billion.  As per a recent analysis, Ethereum’s strong support is around $3K, where 2.82 million addresses hold over 6 million ETH. This demand zone is seen as key for the asset to potentially rally toward new highs, with buying interest likely to increase if the price stays above this level.  On the other hand, ETH’s price has cycled between bands, at a high of 10 and bottoming at 2 in the first cycle, then topping at 7 and bottoming at 4 in the second. Additionally, it could reach $9.2K at band 6 by mid-2025, and possibly $17.6K at band 7. Is ETH Poised for Another Decline? The ETH/USDT trading pair exposed the bearish sentiment as the Moving Average Convergence Divergence (MACD) line and the signal line…

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Filed under: News - @ November 19, 2024 3:21 pm