Ethereum Eyes Critical $3,780 Resistance: A Bullish Breakout on the Horizon?

June 25, 2024 at 03:00 AM GST updated: June 25, 2024 at 02:49 AM 2 mins read News

Ethereum is nearing a critical resistance level at $3,780, potentially indicating a bullish trend if surpassed.
Despite a recent 11.04% price decline and a 5.27% drop in market cap, Ethereum remains the second-largest cryptocurrency.
Ethereum’s TVL has surged to $59.697 billion, reflecting increased investor confidence.

Ethereum (ETH) is nearing a significant resistance point at $3,780. Breaking and maintaining above this threshold could indicate a renewed bullish trend, potentially leading to additional gains.

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Technical indicators on the daily chart are generally positive, with the 50-day EMA providing support and suggesting continued upward momentum. Last month, Ethereum saw an 11.04% decrease, along with a 5.27% drop in market capitalization over the past 24 hours. Despite these challenges, Ethereum remains a key player in the crypto market, boasting a market capitalization of $405.144 billion.

The Ethereum blockchain has recently shown a significant resurgence in Total Value Locked (TVL), which has climbed to an impressive $59.697 billion, overtaking Bitcoin. This increase in TVL reflects growing investor confidence and optimism in Ethereum’s market potential. Alongside this rise in TVL, the market capitalization of Ethereum’s stablecoins has also seen a parallel increase.

Technically, Ethereum recently halted its upward movement after reaching a high of $3,974, following a 25% price surge triggered by a breakout from a descending triangle pattern. Although there’s been a minor pullback, ETH is now testing significant resistance at $3,780. The ongoing golden crossover between the 50-day and 200-day EMAs signals a long-term positive trend, though the MACD’s bearish crossover advises caution.

The RSI has dipped below the 50 level, suggesting a temporary weakening in momentum. Critical support levels for ETH are identified at $2,800 and $3,100, while resistance levels to monitor are at $3,600 and $3,980.