Ethereum’s price movement is currently consolidating below the $3,500 resistance zone, indicating a struggle to break above this key level. It is noteworthy that the price is also trading below $3,480 and the 100-hourly Simple Moving Average, adding to the resistance faced by ETH at the moment.
Moreover, a significant development is the formation of a key declining channel with resistance at $3,470 on the hourly chart of ETH/USD via Kraken’s data feed. This channel is crucial in determining the potential direction of Ethereum’s price movement.
While there is a possibility for a fresh increase if Ethereum manages to surpass the $3,500 resistance zone, it is essential to keep an eye on the key levels that could either support or impede this potential upward movement.
In addition, the price of Ethereum has recently failed to extend gains above the $3,550 resistance zone, leading to a correction in gains and a drop below the $3,500 level, echoing a similar trend seen in Bitcoin’s price movement. The bears have successfully pushed the price below $3,450, indicating a shift in market sentiment.
As the price of Ethereum fluctuates and faces resistance levels near $3,480 and beyond, traders and investors should closely monitor key support levels, including $3,420 and $3,400. A clear move below these levels could signal a further decline in Ethereum’s price towards $3,340 and potentially even $3,320 in the near term.
Technical indicators like the MACD and RSI are showing mixed signals, with the MACD losing momentum in the bullish zone while the RSI hovers above the 50 zone. These indicators can provide valuable insights into the overall market sentiment and potential price movements.
Overall, Ethereum’s price movement is currently at a critical juncture, with key resistance and support levels playing a crucial role in determining its next direction. By staying informed and monitoring these levels closely, traders and investors can make well-informed decisions in the volatile crypto market.
