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Ethereum faced Intensive sales pressure Over the past few weeks, and its price has fallen below the threshold of $ 2,000. In this intensive period of drop in cryptocurrency, it reached a low level of USD 1750 on March 11, which means the lowest point from November 2023. However, despite this violent decline, the novel technical configuration suggests that Ethereum may be on the edge of a stubborn returnBecause it now complements the key level of resistance on a 4-hour table.
Ethereum tolerates critical resistance after reflection
The price of Ethereum was full of abandonment and many Investors leave their positions From the beginning of March. Therefore, Ethereum finally broke below $ 2000 on March 10 after the support did not persist and spent the past week trading below this level.
Although after sinking to 1750 USD, Ethereum has Recovery signs shown And now it has increased to around $ 1,800. This diminutive action in the recovery price has restored the cryptocurrency back to the down resistance line, the level that acted as a barrier for tiny accumulation movements during a recent decline.
The test of this resistance now presents a potential groundbreaking scenario, in which the stubborn shoots flows to Ethereum. TradingView analyst emphasized this configuration A significant rally above USD 2000.
The analyst sets stubborn prices for ETH
Despite the prevailing bears that still weigh on a wider cryptographic market, a trade analyst he identified Systemic configuration of trade on a 4-hour Ethereum candlestick table. This suggests that despite the last inheritance, there is a degree of optimism among some analysts and investors who think Ethereum It can soon regain stubborn foundations.
According to the analysis, confirmed a breakthrough above USD 1,885 can be used as an ideal entry point. At the time of writing this text, Ethereum is still to exceed the resistance line of resistance down, because the breakthrough point is currently set slightly below $ 2,000. If Ethereum finally exceeded the resistance, the analyst recorded a probable target price of USD 2,596.
On the other hand, the advice of analysis placing a loss stop at USD 1700, which means that the configuration is configured for risk management, while striving for significant benefits. This is if the bears are too great to be overcome, and the price of Ethereum will be rejected again on the resistance line. Considering the high -risk reward indicator, the analyst advised to observe the growth of the volume, which would ensure that Ethereum was spreading with the rush.
At the time of writing this text, Ethereum trads 1,895 USD. The price in the last 24 hours Ethereum has reached the highest level on $ 1950 before rejection. However, the leading Altcoin is still taking place around this retaining trend and there is a chance for Press up again In the next 48 hours.
A distinguished picture from Unsplash, tradingview.com chart
