Ethereum and Bitcoin Price Analysis
London: 4 April 2024 (TraderMade): The cryptocurrency market has recently witnessed some turbulence, with both Ethereum (ETH) and Bitcoin (BTC) experiencing price declines. Despite these setbacks, investors remain optimistic and bullish on the market's future.
Let's examine Ethereum and Bitcoin's recent price actions, analyze the key support and resistance levels, and discuss the prevailing investor sentiment.
Key Takeaways
- Ethereum (ETH) is struggling to recover above the $3,360 resistance zone, signaling potential losses below the $3,300 and $3,250 levels.
- A break below a rising channel with support at $3,320 on the hourly chart of ETHUSD (data feed via Kraken) confirms the bearish sentiment.
- Key resistance levels for Ethereum are immediate at $3,300, major at $3,360, and subsequent levels at $3,435, $3,550, $3,650, $3,750, and $3,800.
- Key support levels for Ethereum include initial support at $3,240, major support at $3,215, critical support at $3,200, and downside targets at $3,120 and $3,040.
- Despite recent price corrections, investors remain optimistic and anticipate a swift market recovery.
- Santiment noted the prevalence of bullish terms like "#buy," "#buying," and "#bullish" in social media discussions, suggesting strong confidence toward a quick rebound.
- The Bitcoin Fear & Greed Index currently stands at 70, indicating a dominant sentiment of greed among investors.
- Bitwise CIO Matt Hougan predicts an influx of around $1 trillion into Bitcoin via ETFs from institutional investors over the next few years.
- Crypto analyst Michaël van de Poppe suggests a potential price correction for Bitcoin due to waning hype around the upcoming Bitcoin halving but maintains that the current price movement aligns with historical trends.
- Despite the short-term market dips and challenges faced by Ethereum and Bitcoin, investors remain bullish on the cryptocurrency market's long-term prospects.
- Traders and investors need to exercise caution, conduct thorough research, and monitor key support and resistance levels to make informed investment decisions in the volatile cryptocurrency market.
Ethereum Price Fails Again
Key Resistance and Support Levels for Ethereum Ethereum has been struggling to recover above the $3,360 resistance zone and is now showing signs of more losses below the $3,300 and $3,250 levels. The price is currently trading below $3,350 and the 100-hourly Simple Moving Average (SMA).
On the hourly ETH?USD chart, a break below a rising channel with support at $3,320 indicated a bearish trend.
Resistance Levels to Watch
- Immediate resistance: $3,300
- First major resistance: $3,360
- Next key resistance: $3,435 (50% Fib retracement level)
- Subsequent resistance: $3,550, $3,650, $3,750, $3,800
Support Levels to Monitor
- Initial support: $3,240
- First major support: $3,215
- Key support: $3,200
- Further downside targets: $3,120, $3,040
Technical Indicators for Ethereum
- Hourly MACD: Gaining momentum in the bearish zone
- Hourly RSI: Below the 50 level
- Major Support Level: $3,215
- Major Resistance Level: $3,360
Bitcoin Tumbles, Altcoins Bleed, but Investors Don't Shrink: Santiment
Despite the recent price corrections in Bitcoin and altcoins, investors remain bullish and anticipate a swift market recovery.
Santiment noted the prevalence of bullish terms like "#buy," "#buying," and "#bullish" in social media discussions, suggesting a strong confidence toward a quick rebound.
Bitcoin Fear & Greed Index
The Alternative platform's Bitcoin Fear & Greed Index currently stands at 70, indicating a dominant sentiment of greed among investors. Although this figure represents a slight decrease from the previous day, it still reflects a high level of investor enthusiasm.
Conclusion
In conclusion, both Ethereum and Bitcoin are currently facing resistance levels and showing signs of potential price corrections. However, the prevailing bullish sentiment among investors suggests that the market may experience a quick rebound and continue its long-term upward trajectory.
