🚨🔍The price of Ethereum (ETH) on Binance against the US Dollar (USDT) shows positive momentum with an increase of 11.20% reaching $4713.13. This rise indicates strong buying momentum, but it is important to monitor the resistance and support levels to determine the future trend.
*Support and Resistance Levels:*
- *Resistance Level*: The price is currently below a key resistance level at $2800, which poses an obstacle to further upward movement. If the price can break through this level, it may open the way for higher levels.
- *Support Level*: The level of $2200 represents a key support area, where the price is expected to find strong support in case of a pullback.
*Technical Indicators:*
- *Relative Strength Index (RSI)*: Shows a slight decline in upward momentum, having dropped below the 70 level. This may signal potential weakness or an upcoming correction.
- *Moving Averages*: The price is trading above the 100-day moving average, indicating a bullish underlying structure in the medium term.
is an abbreviation for Ethereum (Ethereum), a cryptocurrency used on the Ethereum network. Ethereum is an open-source blockchain platform that allows for the creation and operation of smart contracts and decentralized applications (dApps).
Features of Ethereum
- *Smart Contracts*: Ethereum allows for the creation of smart contracts that can execute predefined conditions without the need for intermediaries.
- *Decentralized Applications*: Developers can build decentralized applications on the Ethereum network, allowing for increased security and transparency.
- *Multiple Uses*: Ethereum is used in a wide range of applications, including decentralized finance (DeFi), non-fungible tokens (NFTs), and more.
Uses of Ethereum
- *Decentralized Finance (DeFi)*: Ethereum is used to build decentralized financial applications, such as lending and trading platforms.
- *Non-Fungible Tokens (NFTs)*: Ethereum is used to create and trade non-fungible tokens that represent ownership of digital assets.
- *Decentralized Applications*: Ethereum is used to build decentralized applications in various fields, such as gaming and social media.
