Exploring Ethereum’s Price Movement
Currently, Ethereum is trading in a range above the $3,450 support zone. The price has managed to stay above $3,500 and the 100-hourly Simple Moving Average. Traders are closely watching a new bearish trend line forming with resistance at $3,550 on the hourly chart of ETH/USD. The market sentiment suggests that the pair could see some bullish momentum if it maintains levels above the $3,420 support zone.
Ethereum Price Eyes Upside Break
There was an attempt by Ethereum’s price to break above the $3,550 resistance level. The asset even surged above $3,600; however, the gains were restricted, much like Bitcoin’s movement. A peak was reached at $3,614 before a correction ensued, causing the price to drop below $3,500 and bottom out at $3,476. The current trend shows a recovery, with the price once again surpassing $3,500.
The next significant resistance point for Ethereum is around $3,620, followed by a key resistance at $3,650. If these levels are breached, the price could aim for $3,720, with a major hurdle at $3,750. Crossing this point could lead to a bullish run towards $3,820 and potentially even $4,000.
Will Ethereum Face Another Rejection?
If Ethereum struggles to surpass the $3,550 resistance, it may face a downturn. Initial support lies at $3,500, followed by a major support zone around $3,475. Further down, the $3,420 level serves as a crucial support level. A clear break below this mark could trigger a decline towards $3,320 and potentially even $3,240.
Technical Indicators
- Hourly MACD: The MACD for ETH/USD is showing signs of losing momentum in the bearish zone.
- Hourly RSI: The RSI for ETH/USD has crossed above the 50 level.
Monitoring these technical indicators can provide insights into potential price movements, helping traders make informed decisions.
Summary
Ethereum’s price is currently consolidating above the $3,450 support level, with resistance at $3,550. The asset is displaying signs of bullish momentum if it can sustain above $3,420. However, a failure to breach the resistance at $3,550 could lead to a downward trend, with key support levels at $3,500, $3,475, and $3,420. Traders are advised to keep a close eye on technical indicators for further guidance.
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