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Ethereum (ETH) Price Prediction for July 5

Fri, 5/07/2024 – 15:52

Cover image via U.Today

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Most of the coins are far from a reversal, according to CoinStats.

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ETH chart by CoinStats

ETH/USD

The price of Ethereum (ETH) has dropped by 5.29% since yesterday.

Image by TradingView

On the hourly chart, the rate of ETH is in the middle of the local channel, between the support of $2,809 and the resistance of $3,108. As most of the ATR has been passed, there are low chances to expect any sharp moves until the end of the day.

Image by TradingView

On the daily time frame, the price of the main altcoin has made a false breakout of the support level of $2,814. At the moment, one should pay attention to the bar’s closure. 

Related

If it happens closer to $3,000, bulls might seize the initiative, which can lead to a rise to the $3,100 mark.

Image by TradingView

From the midterm point of view, traders should focus on the weekly candle closure. If it happens near the bar’s low, there is a possibility of seeing a support breakout, followed by a blast to the $2,600 zone.

Ethereum is trading at $2,984 at press time.

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