Ethereum Poises For An Upswing As It Retests The $4,000 Mark

Ethereum (ETH) Current Statistics
The current price: $4,015.40
Market Capitalization: $482,274,408,355
Trading Volume: $26,736,152,874
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000
Ethereum (ETH) Price Analysis March 12, 2024
Ethereum’s (ETH) price retests the $4,000 psychological price threshold. Buyers have failed to maintain bullish momentum above the recent high. On March 12, the bulls breached the resistance level and rose to a high of $4,095 before being rejected.

The altcoin fell sharply above $3,800 support as bulls purchased the dips. The largest altcoin continues to trade between $3,800 and $4,000. On the upside, if the bulls break the previous high and maintain positive momentum, the market will rise to a high of $4,200 or $4,300.

On the other hand, if bears pull Ether below the 21-day simple moving average (SMA). This will force the altcoin to fall even lower, reaching a low above the 50-day SMA, or $3,521. ETH/USD is currently worth $3,986 at the time of writing.

ETH Technical Indicators Reading
On the 4-hour chart, the cryptocurrency price fell below the moving average line, but bulls bought the dips. The price bars have returned above the moving average lines, indicating further upward movement of the altcoin. Doji candlesticks have been used to indicate price changes.


Conclusion
Ethereum has been trading in a range as it retests the $4,000 psychological price level. The bulls haven’t definitively broken through the $4,000 barrier. Every time the previous high is retested, the market will drop to $3,800 on the 4-hour chart.

The altcoin is currently gaining, seeking to retest or surpass the $4,000 high. The crypto signal will turn positive after the $4,000 barrier is broken and the bullish trend is sustained.

You can purchase Lucky Block here. Buy LBLOCK


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results