Ethereum Technical Analysis Report | 02nd-April-2024


On Monday, Ethereum’s (ETH) price experienced a slight decline, retracing some of the gains achieved over the weekend, as traders remain immersed in speculation regarding the potential approval of a spot Ether ETF in May. ETH’s price recently approached the $3,574 midpoint within the $3,054 to $4,095 range it established during its 25% decline between March 11 and 20. Vitalik Buterin has unveiled the upcoming phases for protocol streamlining and reducing node resource loads, a process known as the Purge. The Purge represents a pivotal stage in Ethereum’s evolution, entailing the elimination of outdated and surplus network history while gradually simplifying the network’s structure.

At the time of writing, ETH was trading at $3,358.

Ethereum Tuesday Daily Chart-02nd April2024
Ethereum (ETH) Chart

ETH after making the recent high of $4,093 witnessed a sharp correction and the prices fell almost by 25% making the low of $3,056. The asset took the support and bounced from the key level of $3,000 and rallied up to $3,678. Post this move, ETH is consolidating and is trading in a range from $3,300 to $3,650. The asset has strong support at $3,300 and $3,000 whereas $3700 and $4,150 will act as strong resistance and to further rally it needs to break, close and sustain above $4,150.

Key Levels

  Support 2Support 1AssetResistance 1Resistance 2

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