Ethereum
How High Can Ethereum (ETH) Rise This Weekend?
Ethereum (ETH) has been the center of attention for investors and traders heading into the weekend. Following the recent market volatility and the subsequent surge in ETH price, many are wondering how high the cryptocurrency can skyrocket in the coming days.
Prominent analyst Rekt Capital has provided a detailed technical analysis of Ethereum’s price action, highlighting key resistance and support levels that could determine the cryptocurrency’s trajectory.
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Ethereum Weekly Close Below Crucial Resistance $3,956
According to Rekt Capital analysis, Ethereum closed below the crucial green level of $3,956 on the weekly timeframe, indicating that this level still acts as resistance. For ETH to continue its upward momentum, it must close above this level on a weekly basis, similar to its mid-2021 performance.
If Ethereum fails to regain the $3,956 level this week, Rekt Capital suggests that there is a possibility of a downward move. The analyst points to the orange boxed region, where a historical retest point resides, represented by a blue circle. In mid-2021, ETH had to complete this new test circled in blue to progress.
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Potential Downside Risk and Key Support Level
While Rekt Capital acknowledges that it seems difficult to envisage a significant decline in Ethereum following its recent ETF catalyst, the analyst points out that if ETH is not able to reclaim the green level of $3,956 , there will always be a threat of rejection. In such a scenario, the next major support level would be the orange framed area, which could serve as a historical retest point.
This potential downside risk highlights the importance of Ethereum closing above the $3,956 level on a weekly basis to maintain its bullish momentum. Failure to do so could lead to a period of consolidation, or even a correction, before the cryptocurrency can resume its upward trajectory.
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Expert predictions for Ethereum this weekend
As investors and traders closely monitor Ethereum’s price action, cryptocurrency experts at Changelly have shared their predictions for the weekend. According to their analysis, ETH is expected to reach a minimum price of $3,818 and a maximum price of $3,878, with an average price of $3,850.
These predictions suggest that while Ethereum may see some growth over the weekend, it is unlikely to rise above the psychologically significant $4,000 level.