Leading altcoins in the rising crypto money market as of October, Ethereum (ETH) faced a selling wave after approaching the psychological resistance of $4,000.
The level of $ 4,000, which is also technically important, creates a short-term bearish effect in ETH, which also affects altcoins. Reaching a market value of 460 billion dollars in Coinmarketcap, ETH is trading at 3,890 dollars as of publication time, while maintaining the balance in the market.
Daily Skin After First Attack!
ETH is being tested with resistance, while altcoins, which have gone through a difficult process especially with the rise in Bitcoin (BTC) price and the decline in ETH / BTC parity, are breathing with the latest rise in ETH.
ETH, which is seen to try the red downtrend from the $4,372 peak in May on the daily chart, once in September, is trying this resistance again. Also facing the horizontal resistance at $3,935, ETH is expected to break this resistance soon and move on to the next resistance at $4,122. While it is known that the volumes in the market decreased as of the weekend, it can be seen that ETH turned this situation into an opportunity and broke the resistance.
If ETH sees a selling pressure from this level, it can be expected to decrease towards $ 3,704 in the first place. At this point, if there is no strong uptrend and the support is broken, the price could drop to the MA50 level of $3,402.
Steep And Narrow Ascending Channel
ETH, which formed a short-term steep and narrow ascending channel formation on the 4-hour chart after the upward move on Thursday, is facing resistance in the $3,973 – $4,000 range.
ETH, which rose to $ 3,971 in its first move to this resistance area, still maintains its strength on the buyers side. Since it does not see a severe decline, it is thought that this channel will continue and try this resistance again, while the price is floating towards the $ 3,877 support.
In case of loss of this channel, ETH is waiting for the level of $ 3,776, which is the support of EMA21 and SuperTrend. $3,781, which is also the horizontal support level, might turn the direction up again. However, if this level is lost, the next support is at $3,661. A break above $4,000 might bring the $4,111 and $4,286 levels to the agenda in the short term.