Summary: Ethereum Price Analysis
Currently, Ethereum is consolidating below the $3,500 resistance zone. The price is trading below $3,480 and the 100-hourly Simple Moving Average. A key declining channel is forming with resistance at $3,470 on the hourly chart of ETH/USD. If there is a clear move above the $3,500 resistance zone, the pair could start a fresh increase.
Ethereum Price Stuck In A Range Below $3,550 📉
After failing to extend gains above the $3,550 resistance zone, Ethereum corrected gains and traded below $3,500, similar to Bitcoin. Bears managed to push the price below $3,450, forming a low near $3,390. The price is now rising, with a move above $3,420 and climbing above the 50% Fib retracement level.
- The bears are active near the $3,500 level.
- A key declining channel is forming with resistance at $3,470.
- Ethereum is trading below $3,500 and the 100-hourly Simple Moving Average.
The price is facing resistance near $3,480, with the first major resistance at $3,500 and the next hurdle at $3,520. A close above $3,520 could push Ether toward the $3,550 resistance, and a break above $3,650 can lead to further gains towards $3,800.
Another Decline In ETH? 📉
If Ethereum fails to clear the $3,500 resistance, another decline may start. Initial support is near $3,420, with major support at the $3,400 zone. A move below $3,400 could push the price towards $3,340 and potentially to the $3,320 support level. The next key support is at $3,250.
Technical Indicators
- Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,400
Major Resistance Level – $3,500
Hot Take: Stay Informed and Cautious
As an informed investor, staying updated on Ethereum’s price movements is crucial. With resistance at $3,500 and support levels at $3,400, $3,340, and $3,320, monitor the market closely to make well-informed decisions. Technical indicators like MACD and RSI can provide valuable insights into market sentiment.
Remember to exercise caution and conduct thorough research before making any investment decisions in the volatile crypto market.
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