Ethereum suffering

Ethereum reaches the critical support level

What's in this article

After breaking below the $4000 mark, Ethereum reaches the critical support level on a daily chart. 

The Ethereum price today is $3,942.10 USD with a 24-hour trading volume of $16,246,144,460 USD. Ethereum is down 2.79% in the last 24 hours, with a market cap of $468,017,422,542 USD. It has a circulating supply of 118,722,803 ETH coins.

Source: Tradingview

Ethereum: Analysis

Ethereum broke the higher highs pattern on Friday last week and moved to the $3800 price mark, just as predicted. This has pushed Ethereum to a crucial support level which must be kept to keep Ethereum bullish. The rising trend line of higher highs is being respected by Ethereum since July 20. EMA 100 is acting as local support here. There is combined support of EMA 100, fib 0.5, and the trend line $3700 so I consider it strong and extremely important for the bulls. Otherwise, the first stop for Ethereum might be at fib 0.65 support as marked in the chart above. There is no considerable local resistance for Ethereum except EMA 20 and 50 combined.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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