$ETH I have prepared a technical analysis of the price of Ethereum (ETH) for you. Currently, the Ethereum market is showing interesting dynamics, and it is important to consider all key factors affecting the price.
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Current situation and key levels
The Ethereum market is experiencing a short-term correction after recent highs. The price has fallen from around $4800 and is currently trading around $4200 - $4300.
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Support levels:
The nearest strong support level is around $4000. The recent decline has shown that this level is key to preventing the price from a deeper correction.
The next important support level is $3750. If the price breaks through $4000, it is likely to move towards this level.
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Resistance levels:
The nearest resistance is around $4400. Overcoming this mark may signal the recovery of the upward trend.
Key resistance is $4800 (historical maximum). To continue the bullish movement, Ethereum must break and hold above this level.
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Indicators and their signals
Moving averages:
On the daily chart, Ethereum is above the 200-day moving average, which is a bullish signal in the long term.
However, the price is currently below short-term moving averages, which may indicate weakness in the moment.
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Oscillators (RSI, MACD):
RSI (Relative Strength Index):
Located in the neutral zone. This indicates that the asset is neither overbought nor oversold. Thus, the price has the potential to move in either direction.
MACD (Moving Average Convergence Divergence):
On the daily chart, the MACD shows a bearish signal, confirming the current correction.
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Possible price development scenarios
Bullish scenario:
If Ethereum can hold the support level of $4000, this will be a strong signal for buyers.
Next, the price is expected to aim for resistance at $4400, and in case of a successful breakout, towards the historical maximum of $4800.
The key factor for this scenario is the influx of new funds and the overall positive sentiment in the market.
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Bearish scenario:
If the ETH price fails to hold above $4000, a deeper correction is likely to begin.
The next target for the bears is the support level of $3750.
Continued decline may be triggered by negative news or rising inflation, which typically puts pressure on risky assets, including cryptocurrencies.
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Long-term forecast
The long-term prospects for Ethereum remain optimistic, considering its dominance in DeFi, NFT, and other key sectors of Web3. Successful implementation of updates and further network development will support the price.
Forecast for 2025:
Analysts predict that under favorable conditions, the price of Ethereum may reach $6000 - $7000.
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Important note:❗️
Technical analysis is not a guarantee of future results, but merely a probabilistic tool. Always conduct your own research and consider market risks before making investment decisions.