The second most important cryptocurrency is experiencing strong volatility after reaching a recent high. Today, May 11, the price of the coin fluctuated between 3790 4199 dollars (CoinMarketCap data)
The fall of the cryptocurrency to $3700 has thoroughly frightened investors. However, the price of the coin did not go below. Is it possible to retest the support level? Probably, yes. ETH can test the strength level of $3600.
Currently, the coin has support in the zone of $3700-$3800. To set a new maximum, you need to rise above 4100 and break the resistance level.
At the time of writing, ETH is priced at $4,048. The forecast for further price changes is bearish, because today the bulls have already tried to break above 4100 several times. Alas, the attack choked and did not reach the target.
The next day, most likely, trading in the range of $3600 to $4000. This was caused by the weakness of the bulls, who could not keep the record ATH above $4200.
Currently, the market is unstable. On the 4-hour chart, the forecast is bearish. Short positions create a sales momentum, which can lure the cryptocurrency back to the support level of 3600 dollars. The coin is not likely to go below, as a couple of days earlier this figure was the resistance level.
It is worth noting that on May 11, not only ETH bulls, but also adherents of other cryptocurrencies were defeated. As we have already written, the forecast for the price of BTC is trading in a side direction. Ripple, Litecoin, Chainlink and Uniswap also suffered significant losses today.
You can find out the current price of Ethereum on the Binance exchange.
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