The price of Ethereum struggled to continue its upward momentum beyond the $3,500 resistance level. Instead, it corrected gains and is currently trading in a range above $3,400. This consolidation phase indicates a potential lack of bullish momentum in the market.
The bears were able to push the price below $3,450, leading to a low of around $3,390. While there was a slight recovery with a move above $3,420, the bears remain active near the $3,500 level. This resistance zone continues to pose a significant challenge for Ethereum’s price action.
Technical Indicators
The hourly MACD for ETH/USD is showing a loss of momentum in the bullish zone, indicating a potential shift in market sentiment. Additionally, the hourly RSI is now above the 50 zone, suggesting a potential uptick in buying pressure.
Key Levels to Watch
On the upside, the price faces resistance near $3,480, with major hurdles at $3,500 and $3,520. A breakthrough above $3,520 could signal a move towards the $3,550 resistance level, with the possibility of reaching $3,650. However, failure to clear the $3,500 resistance could result in another downward trend.
Initial support is seen near $3,420, followed by a major support level at $3,400. A clear break below $3,400 could lead to further losses towards $3,340 and ultimately the $3,320 support level. The next key support level sits at $3,250, which could act as a critical level in the event of a sharp decline.
Ethereum’s price movements are currently facing resistance at key levels, with bears exerting pressure on the digital asset. Traders need to closely monitor support and resistance levels to gauge the direction of the market and make informed trading decisions.
