Ethereum price decreased by 2% to $3,041.25 in the last 24 hours, slumping 7.74% in the last seven days. On the other hand, the global cryptocurrency market capitalization has shrunk 1.18% over the last day to $1.86 trillion. According to CoinMarketCap data, the total crypto market volume over the last 24 hours is $84.89B, which makes a 19.29% decrease.
Ethereum Price Faces Hurdles
Ethereum established a base above the $2,950 mark and began a new upward trend. ETH broke over the $3,000 barrier level, moving into the short-term bullish zone. The price has also risen beyond the $3,020 barrier mark.
Notably, Ether managed to break above the 23.6 percent Fib retracement level of the crucial decline from the $3,310 swing high to the $2,951 low. Furthermore, on the hourly chart of ETH/USD, there was a break above a crucial negative trend line with resistance above $3,035.
ETH has now risen past the $3,050 mark. On the upside, an early resistance level is predicted near USD 3,085. The next significant barrier is $3,130 and the 100 hourly simple moving average. The 50% Fib retracement level of the crucial decline from the $3,310 swing high to the $2,951 low is also close to $3,130. A closure above $3,130 and the 100 hourly simple moving average might signal the start of a solid recovery wave.
The next significant resistance level might be around $3,170. A decisive break above the $3,170 resistance level might pave the way for a break above the $3,200 level. As mentioned above, the price might rise past the $3,250 mark in the scenario.
The Merge is Fast Approaching
Ethereum and its upgrades have been heavily criticized, primarily owing to delays. Upgrades are frequently postponed, as shown with EIP-1559 or the London hard fork, among other things.
The Merge, the most anticipated improvement, has yet to be released. Nonetheless, based on a recent announcement, developers have made some progress. This upgrade promises to transition the ETH blockchain from Proof-of-Work (PoW) to Proof-of-Stake (PoS), with substantial implications for existing statistics.
For example, the improvement is intended to increase security, lessen the environmental effect of BTC, and much more. As previously stated, the Merge test was carried out on a shadow fork. It’s worth noting that this was a distinct network with no bearing on the main Ethereum chain.
Ethereum’s Price is Showing Promise
Between January 24 and March 27, the price of Ethereum formed a symmetrical triangular pattern, with three lower highs and four higher lows. Connecting these swing points with trendlines revealed the technical pattern, predicting a 34% advance to $3,818.
On March 27, ETH’s price violated this setup and rose 22%. This rise ran out of steam, resulting in a 17 percent drop to where it was at press time ($3,072). At $2,952, this level was slightly over the support level.
So far, a bounce off this barrier has resulted in a 3% increase. A persistent increase in buying pressure, on the other hand, is expected to spark another leg up to retest the 200-day Simple Moving Average (SMA) around $3,492.
Because this barrier is substantial, a successful flip might be the catalyst for a bull run to the symmetrical triangle’s anticipated goal of $3,833. This move might breach the $4,000 psychological barrier in a strongly optimistic scenario, bringing the overall run-up to 25%.