4H Ethereum Technical Analysis: Asset Support, Resistance Zones, and Imminent Impulse Movement 20/04/24

After a significant downturn, the asset stabilized at a robust support level of $2943, demonstrating resilience against further decline.

For long positions, a breakthrough above the $3257 resistance zone is imperative, signaling potential consolidation and a subsequent breakout. Above this level lies an imbalance likely to fuel an impulse movement.

However, shorts may materialize if the price approaches the upper boundary of the $3257 range, especially if accompanied by sluggish movements and formation of a reversal pattern. Attention should also be paid if the price descends to $2852, potentially establishing a secure foothold below this level.

This analysis underscores the importance of monitoring key support and resistance zones on the 4-hour timeframe to anticipate potential trading opportunities.

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