Ethereum’s Price Converges Above $3,200 for a Potential Surge

Ethereum (ETH) Current Statistics
The current price: $3,330.06
Market Capitalization: $399,792,087,435
Trading Volume: $13,862,429,671
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis April 6, 2024
Ethereum’s (ETH) price is consolidating above the $3,200 support level but below the moving average lines for a potential surge. Ether has been restricted in a range since March 19, 2024. The price movement has been limited to the $3,200 support and below the $3,400 peak.

Today, Ether is valued at $3,341.50. If the current consolidation continues, the largest altcoin will experience either a breakout or a breakdown. On the upside, if Ethereum recovers, the cryptocurrency’s price will rise above the moving averages.

The bullish trend will continue till the high of $4,000.In contrast, if the altcoin drops sharply, Ether will fall much further. ETH/USD will fall to its prior lows of $3,063 and $2,905.

ETH Technical Indicators Reading
Ether’s price bars are converging beneath the moving average lines. Given the sideways movement, the moving average lines slope horizontally. The presence of Doji candlesticks reflects traders’ uncertainty regarding the direction of the market.

Conclusion
Ethereum is declining but holding above the $3,200 support level for a potential surge. On the 4-hour chart, the cryptocurrency is consolidating but remains between the moving average lines. The price rise is limited by the resistance at $3,400 and the moving average lines. The crypto signal is currently range-bound, as the altcoin prepares for a possible breakout.

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