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#ETH Trading Volume Surges#
Ethereum is nearing a breakout
The price of Ethereum is nearing a new breakout after bouncing from a support level close to $3,700. The chart below, for the four-hour time frame, shows that the price of Ethereum is testing the resistance of the trend line, which, if broken, could encourage risk-taking and strengthen the upward trend towards the $4,000 barrier.
In the event of a reversal, the 50-period exponential moving average at $3,675 will form the primary support level. If the decline continues, the 100-period exponential moving average at $3,451 and the 200-period exponential moving average at $3,365 will intervene to absorb the selling pressure.