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The Ethereum price dropped 0.7% in the last 24 hours to trade at $2,008 as of 7:20 a.m. even as its bullish narrative was strengthened by trading volume that almost doubled.
Ethereum Price: Bulls Remain Resilient, Aiming For $2,400 High
ETHUSDT 1-Day Chart Analysis. Source: GeckoTerminal.com
ETH has broken out of the descending channel, indicating the potential for achieving new highs in the weeks ahead. Buyers (bulls) encountered robust support at the $1535 level, enabling them to recover control and establish an upward trajectory.
Despite facing resistance at the $2125 level, the bulls have reasserted dominance at $1938 as they set their eyes on the $2350 high.
The bullish sentiment is backed by the Relative Strength Index (RSI) and the 50-day and 200-day Simple Moving Averages (SMAs).
Currently, ETH’s price trades above the 50-day and 200-day moving averages, specifically at $1,783 and $1,785, respectively. These levels serve as immediate support, strengthening the likelihood of a bullish rally. A golden cross on the daily chart also confirms that the bulls drive the price upward.
The Relative Strength Index (RSI), though slightly declining from 84, has rebounded to 56 above the neutral level, aiming to ride the bull rally to regain ground above the overbought zone, indicating intense buying pressure and bullish sentiment.
Ethereum Price: Bulls Need To Break $2,138 Resistance
If the upward momentum continues, the passage indicates that bullish investors might aim for a target price of $2400 by the end of the fourth quarter of 2023.
Despite the optimistic perspective, ETH encounters resistance at $2138, potentially prompting a slight correction due to bearish (selling) pressures. Bulls must break this resistance to confirm a bull rally to $2400.
However, if the bears capitalize on the current correction, it would force the bulls to find haven at the $1938 support zone. A breach below this support could result in a decline in price towards the support level of $1,773.
Investors may want to consider investing in the newly launched ETHETF, which picked up a 400% surge upon its launch on Uniswap
Ethereum ETF Token: Fast Growth, Solid Foundation, Bullish Opportunities
$ETHETF quickly delivered 4x gains to early buyers, benefiting from robust liquidity and volume. This success signals the potential for even higher prices as news of its introduction spreads, further strengthening investors’ confidence in the Ethereum narrative in the market.
Shortly after its launch last Tuesday, the $ETHETF gained significant momentum, driven by the optimistic response to Ethereum ETF news. Within just over 24 hours, it reached a market capitalization of over $2 million before settling at about $1.2 million.
As an investor, you will have convenient access to the ETHETF Token (ERC-20 token) on Uniswap, offering favourable conditions for bullish opportunities in anticipation of approval for a spot Ethereum ETF.
📅 Nov 16: #BlackRock files for an #EthereumETF, signalling confidence in #Crypto.
The iShares Ethereum Trust, if approved, provides indirect access to ether on #Nasdaq 👀
Explore how this opens doors for diverse market participation! 🌐 #CryptoNews #ETHETF #Web3 pic.twitter.com/P56b8Lc3nC
— EthereumETF_Token (@ETHETFToken) November 20, 2023
The Ethereum ETF token was a stealth launch with no presale. About 95% of the total supply of 100 million tokens has been designated for decentralized exchange (DEX) liquidity.
With the current liquidity standing at $520,000, locked for seven days, and a 24-hour trading volume hitting $4.37 million, the conditions seem perfect for a potential substantial increase in value.
ETHETF Price: Bulls Poised to Reach The ATH
As the trading volume works to bounce back from the downturn, hitting $46,731, the ETHETF price has experienced a 5.8% surge in the past 24 hours, after spiking up 15% earlier, trading at $0.01050515 as of 2:21 a.m. EST.
ETHETF is showing a surge from the $0.0081 support zone as the bulls try to recover the losses accrued during last week’s launch. If the bulls continue the bullish sentiment, the price might reach the resistance level of $0.014.
The price is finding immediate support from the 50 and 21 simple moving averages, trading below the price. Additionally, the cross of the SMAs confirms the bullish sentiment for the price of ETHETF.
The relative strength index (RSI) is also bullish, experiencing a slight pullback but still trading at 76, above the overbought threshold of 70. This suggests significant buying pressure for ETHETF.
According to the ETHETF Token website, the coin aims to stay ahead of the curve in anticipation of the launch of BlackRock’s spot ETF, an event expected to trigger a price surge for Ethereum (ETH) and all associated coins.
To participate in this promising opportunity, visit the official token’s website. There, you can purchase the ETHETF token by exchanging your ETH.
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