Advertisement
Ethereum (ETH) has recently surged by 10%, fueled by heightened market activity surrounding President Trump’s inauguration. Currently trading at $3,330.11 at 9:32 AM EST on Monday 20 January 2024, the asset faces a key resistance at the $3.5K level, a critical threshold that could dictate its next price movement.
On the daily chart, ETH saw significant buying interest around the 100-day moving average at $3.2K, pushing its price higher. This increase in buying pressure brings Ethereum closer to the $3.5K resistance zone, where a breakout could lead to a potential rally toward the $4K level. However, the price action at this critical juncture will be decisive in determining Ethereum’s next trend.
On the 4-hour chart, Ethereum’s volatility is evident as it fluctuates between the $3.2K support and $3.5K resistance, aligning with the 0.5-0.618 Fibonacci retracement levels.
Disclaimer: This article is for informational purposes only and does not provide financial advice.