Overview of Ethereum Price Movement
Currently, Ethereum is holding onto its gains and facing resistance near the $3,500 mark. The cryptocurrency is trading above $3,400 and is being supported by the 100-hourly Simple Moving Average. Additionally, a bullish trend line is forming with support at $3,350 on the hourly chart of ETH/USD, indicating potential further upward movement in the price. The key levels to watch for are $3,500 and $3,550, as breaking these resistance levels could lead to a continued rise in Ethereum’s price.
Ethereum Price Faces Key Hurdle, Can It Continue Higher?
Ethereum’s price has managed to stay above the $3,350 support level, even surpassing $3,400 and moving into positive territory. However, it is now encountering significant resistance near $3,500, unlike Bitcoin’s successful breach of $65,000. After hitting a high at $3,515, the price is currently consolidating its gains and may face challenges in further upward movement.
- Corrections and Retracement: The price corrected slightly from its high and tested the 23.6% Fib retracement level.
- Support Levels: Ethereum is currently trading above $3,400 and the 100-hourly Simple Moving Average, with a key support line at $3,350.
- Resistance Levels: The immediate hurdles for Ethereum include $3,500, $3,520, and $3,550. If these levels are breached, the price may target $3,650 and $3,740 in the near future.
Are Dips Supported In ETH?
In case Ethereum fails to break above the $3,500 resistance, a downside correction could occur. The initial support levels to watch for are around $3,420 and the 61.8% Fib retracement level. Further key support lies at $3,350, which if broken, could lead to a decline towards $3,320 and $3,250. The ultimate support is at $3,220.
- Technical Indicators: The MACD for ETH/USD is showing a loss of momentum in the bullish zone, while the RSI is above the 50 mark.
- Support and Resistance Levels: The major support is at $3,350, while the crucial resistance is at $3,500.
Conclusion: What to Expect Next for Ethereum Price Movement
As Ethereum faces resistance near $3,500, the crypto market eagerly awaits whether the price will continue its upward trajectory. With key support levels at $3,350 and potential resistance at $3,500 and $3,550, Ethereum’s price movement in the coming days remains uncertain. Traders should closely monitor these levels to gauge the direction of the market.
Hot Take: Stay Vigilant On Ethereum’s Price Movement
As an investor in the cryptocurrency market, it is crucial to closely monitor Ethereum’s price action, especially around the key resistance of $3,500. By staying informed and prepared for potential fluctuations, you can make well-informed decisions regarding your investment in Ethereum.
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