Following the remarkable recovery last Friday, the Ethereum price trend finds a significant reduction in the overhead supply. However, with the rising anticipations for a bullish market this week, will ETH price surpass the overhead resistance?
With Ethereum’s total value locked dripping under $32b, the pressure is starting to grow back on the altcoin.
Despite the rising sentiments and the resurfacing hopes of a bullish year, the altcoins market struggles to sustain the recovery rally of last week. Nevertheless, the biggest altcoin is setting a bullish stage for 2024 and teases a run beyond $3K this year.
To find out if Ethereum will reach the $10K, check out our ETH price prediction.
Short-Pause in ETH Price Fall Marks A Critical Stage
Source – TradingView
Currently trading at $2,261, the ETH price shows a minimal indecisive intraday trend that continues the streak from the weekends. The lazy price movement aligns with the lethargic price movement of Bitcoin at the start of Asian market hours.
With the reversal from the 38.20% Fibonacci level struggling to lift off, the 50-day exponential average line comes as a dynamic resistance. The ongoing brawl undermines the bullish engulfing candle formation from Friday and may result in a retest.
However, despite the failure, the ETH price may find a double bottom reversal to reclaim the lost momentum and break above the 50-day EMA.
Hence, the buyers can sustain above the $2200 level to break above the dynamics resistance; the bullish trend could reach the $2500 mark. Optimistically, as per the Fibonacci levels, the bull run can test the $2700 level.
On the flip side, if buyers can fail to assert dominance over $2200, a bearish slip can result in a ETC price drop to $2000
MACD indicator: The daily MACD and signal lines are continuing the bearish trend, but the uptick teases a bullish crossover.
How Many Ethereum HODLers Are Making Money?
With the Ethereum prices sustaining above the $2000 psychological milestone, the percentage of profitable addresses (in the money) is significantly higher. At press time, 78.08m addresses are in the money, accounting for 72.13% of total addresses.