Can Ethereum Rally Continue to New Highs This Week?
- Ethereum’s trading volume has surged by 6.79%.
- The RSI was noted at 40 which indicates nearing oversold territory.
Ethereum’s (ETH) price action over the past week saw a dip to $3,259, raising fears of a decline below $3,000. However, ETH managed to find support and is currently trading at $3,375, having risen by 1.93% within the past 24 hours. Despite this recent uptick, ETH is down 10.30% over the past month. On May 27, the price was close to $4,000, at $3,957, according to CoinMarketCap .
Over the last week, a whale withdrew 6,127 $ETH worth $21.7M from Binance. He made a profit of $20 million from trading the token in the past two years. But he has deposited $ETH to Binance several times in panic after the price dropped.
In addition to price fluctuations, the Ethereum network has faced security issues. Tim Beiko , a core developer, confirmed that the company’s official email was hacked. That resulted in multiple unauthorized messages sent to subscribers. Beiko warned users to avoid clicking any suspicious links.
The latest update from Beiko indicates that the foundation has regained control of the email list and has securely locked all external access. They sent a new email to alert recipients about the security breach involving a message titled “Now Available: Ethereum Foundation Staking Platform.” This email was unauthorized, and the foundation urged users to delete it immediately and refrain from clicking any links it contained.
Will ETH Break Resistance Levels?
The daily relative strength index (RSI) stands at 40.01, indicating a support or neutral zone. Ethereum currently faces immediate support at the $3,110 level. A breach below this support could lead the price to test the next major support at $2,899, with a further dip potentially taking it down to $2,650.
Conversely, if Ethereum can break above the $3,300 mark, it could aim for key resistance at $3,585, with the next potential resistance at $3,809. The highest range of resistance could be between $3,900 and $4,000.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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