Steven Walgenbach | Jun 19, 2024 07:27AM ET
The Ethereum price has recently demonstrated an intriguing pattern on the 4-hour chart, suggesting potential volatility in the near term. The latest closing prices indicate a steady climb, peaking at $3,565.93 before slightly pulling back to $3,540.66. This fluctuation hints at a period of consolidation, where traders are evaluating the next directional move.
The 9 EMA, currently around $3,507.63, indicates short-term bullish momentum, yet the price has struggled to hold above this level consistently. Meanwhile, the 20 EMA, which sits at $3,510.97, suggests a slightly more stable support but remains closely aligned with the current price action. This convergence of EMAs often precedes a breakout, giving traders a crucial signal to watch for the next substantial movement.
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For traders considering entry points, a bullish position could be initiated if the price sustains above $3,560.0 with a target towards the $3,618.32 resistance. Conversely, short positions could be viable if the price drops below $3,479.41, aiming for the lower support at $3,447.75.
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