Gate News bot message, FXStreet analysts indicate that Ethereum (ETH) is facing resistance at the 200-day moving average. According to Coinglass data, the total futures liquidation amount of Ethereum in the past 24 hours was $134.04 million, with long positions and short positions liquidated at $70.55 million and $63.49 million respectively.
ETH maintained support around $2500 over the weekend and tested the 200-day simple moving average (SMA) as a dynamic resistance level, subsequently facing a pullback. If ETH breaks through the support level of the 200-day simple moving average, it may test the key resistance level of $2850. If the resistance level of $2850 is broken, a double top pattern may form.
(Source: FXStreet)
The downside is that if the $2500 support level fails, ETH needs to hold the lower boundary of the key channel and strengthen through the 50-day SMA to prevent a drop to the support range of $2260 to $2110.
The Relative Strength Index (RSI) is above the neutral level, which may test its moving average, while the stochastic oscillator is below the neutral level. If both indicators successfully break above, it will strengthen the bullish momentum.
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FXStreet Price Prediction: Ethereum (ETH) Faces Resistance at the 200-Day Moving Average
Gate News bot message, FXStreet analysts indicate that Ethereum (ETH) is facing resistance at the 200-day moving average. According to Coinglass data, the total futures liquidation amount of Ethereum in the past 24 hours was $134.04 million, with long positions and short positions liquidated at $70.55 million and $63.49 million respectively.
ETH maintained support around $2500 over the weekend and tested the 200-day simple moving average (SMA) as a dynamic resistance level, subsequently facing a pullback. If ETH breaks through the support level of the 200-day simple moving average, it may test the key resistance level of $2850. If the resistance level of $2850 is broken, a double top pattern may form.
(Source: FXStreet)
The downside is that if the $2500 support level fails, ETH needs to hold the lower boundary of the key channel and strengthen through the 50-day SMA to prevent a drop to the support range of $2260 to $2110.
The Relative Strength Index (RSI) is above the neutral level, which may test its moving average, while the stochastic oscillator is below the neutral level. If both indicators successfully break above, it will strengthen the bullish momentum.
Source: FXStreet