Ethereum Technical Analysis Report 4 April, 2024

Dmitry Chernovolov Market Analyst

Ethereum cryptocurrency recently reversed up from the pivotal support level 3200.00, which has been reversing the price from the start of March,

– Ethereum reversed from support level 3200.00

– Likely to rise to resistance level 1.2700

Ethereum cryptocurrency recently reversed up from the pivotal support level 3200.00, which has been reversing the price from the start of March, as can be seen from the daily Ethereum chart below. The support level 1.2570 was further by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the upward impulse from the start of this year. The upward reversal from the support level 3200.00 created the daily Japanese candlesticks reversal pattern Doji, which stopped the previous minor ABC correction 2.

Given the strength of the nearby support level 3200.00, clear daily uptrend and the bullish sentiment that can be seen across the cryptocurrency markets today, Ethereum cryptocurrency can be expected to rise further toward the next resistance level 1.2700.

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