news 
Ethereum (ETH) Price: Technical Analysis Shows Resistance at $4,350-$4,380 Levels
Ethereum has surged to a new all-time high of $4,369, with the cryptocurrency gaining 5.52% daily but losing 8.27% weekly. Amidst this volatility, analysts have been scrutinizing the charts for any signs of potential reversal or further growth.
According to our technical analysis, Ethereum faces significant resistance at the $4,350-$4,380 levels. This level serves as a crucial bearish trend line and may act as a barrier to future price gains. The 100-hourly Simple Moving Average is also situated below this range, creating an impasse for any further upward momentum.
Furthermore, our indicators suggest that ETH’s recent surge may be attributed to derivative-driven market forces rather than organic demand. This raises concerns about the long-term sustainability of Ethereum’s rally, as such markets have historically been characterized by increased volatility and risk.
Meanwhile, it is worth noting that Binance dominates the Ethereum futures market with over $4 trillion in volume traded this year, significantly outpacing its competitors like Bybit, OKX, and Hyperliquid. This concentration of liquidity on a single platform only adds to the uncertainty surrounding ETH’s future price trajectory.
It is essential for investors to be aware of these factors as they consider their next move in the cryptocurrency market.
Source: blockonomi.com
