We recently noticed that some third-party companies and individuals impersonated the TOPONE Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

  • TOPONE Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
  • TOPONE Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
  • TOPONE Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOPONE Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood
We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details
Market News Ethereum's Price Approaches a Critical Resistance Area in Pursuit of an All-Time High

Ethereum's Price Approaches a Critical Resistance Area in Pursuit of an All-Time High

Ethereum has surged towards its all-time high of $3.6K, but is currently confronted with a critical resistance zone that, if breached, could result in a new ATH. Positive funding rates provide support for the price trend, which is susceptible to corrections nonetheless.

TOP1 Markets Analyst
2024-03-01
7597

 Ethereum 2.png

 

As per CryptoPotato, there has been a notable upsurge in purchasing activity surrounding the price of Ethereum, which has resulted in a substantial advance towards a critical zone of resistance—exactly the previous significant annual peak at $3.6K. Ethereum may soon surpass this critical level, which could pave the way for the creation of a new all-time high (ATH).

 

Upon conducting a comprehensive analysis of the daily chart, it becomes evident that Ethereum is experiencing a notable and impulsive ascent, which culminates in the price encountering the critical resistance level symbolized by the previous significant annual peak of $3.6K. Ethereum's overall prognosis remains extremely favorable, with the majority of market participants expecting a successful breach of the formidable $3.6K barrier in the coming weeks. Such a breakthrough would almost certainly indicate the continuation of the upward trend towards Ethereum's all-time high, thereby setting the price up for a new peak in the medium term. Until such a surge occurs, however, Ethereum's price fluctuations are likely to be contained within the $3.6K range.

 

The examination of the 4-hour chart provides additional evidence of Ethereum's strong ascent, which has led to its peak since April 2022. This upswing, which has been accompanied by a sequence of higher troughs and lower troughs, signifies substantial purchasing power directed at propelling Ethereum towards the prominent obstacle level of its all-time high at $4,800. However, at the moment, Ethereum is situated in stark proximity to a significant zone of resistance delineated by the pivotal $3.6K threshold. On account of the current bullish rally's swift ascension and the robustness of this price range, periodic correction phases are anticipated within the overarching trend to facilitate market consolidation. During such corrections, the following are critical support levels to track: $3K, $2.8K, and $2.5K. Although volatility may be introduced by short to mid-term corrections, the prevailing sentiment remains optimistic, suggesting that Ethereum is well-positioned to achieve additional gains.

 

The substantial increase in the value of Ethereum demonstrates investor confidence and a flurry of purchasing activity. Funding rates on Ethereum, which quantify the aggressiveness of transactions executed by buyers and sellers in the futures market, are a crucial indicator of market dynamics. Positive rates are indicative of an optimistic outlook among merchants, while negative rates indicate bearish sentiment. Consistent with the recent upward trend in ETH's price, funding rates have recently increased, indicating a sustained bullish trajectory. Nevertheless, although an upsurge in funding rates is generally correlated with an optimistic market sentiment, exorbitantly high values may pose difficulties. An increase in interest rates increases the likelihood of protracted liquidation cascades, which may result in unforeseen price retracements. Hence, in light of Ethereum's bullish trajectory, it is critical to diligently observe financing rates in order to assess market stability and predict possible price fluctuations.

Previous
Next

Bonus rebate to help investors grow in the trading world!

Need Assistance?

7×24 H

Download the APP for Free