Despite multiple attempts to clear the $3,500 resistance zone, Ethereum price is still struggling to make a breakthrough. The current consolidation phase below the $3,550 resistance zone indicates a lack of bullish momentum in the market. The price is currently trading above $3,450 and the 100-hourly Simple Moving Average, but the inability to surpass key resistance levels is a cause for concern.
Technical Analysis
On the hourly chart of ETH/USD, a key bullish trend line is forming with support at $3,440. This trend line is crucial in determining the future price movement of Ethereum. If the price remains above this support level and the 100-hourly Simple Moving Average, there may be a possibility of a fresh increase.
Resistance Levels
The immediate resistance for Ethereum price is near the $3,500 level, followed by the 50% Fib retracement level at $3,550. The major hurdles lie at the $3,565 and $3,650 levels. A close above these levels could potentially propel Ether towards the $3,720 and $3,800 resistance zones in the coming days.
In case Ethereum fails to clear the $3,500 resistance, a pullback might be on the cards. Initial support is found at $3,460, with a major support level at $3,440. A break below this support could lead to a further decline towards $3,420 and potentially $3,350. The key support level stands at $3,320, which would be crucial in preventing deeper losses.
The hourly MACD for ETH/USD is showing signs of losing momentum in the bullish zone, indicating a possible shift in market sentiment. The hourly RSI has crossed above the 50 zone, suggesting a slight bullish bias in the short term.
Ethereum price is currently at a critical juncture, with resistance levels posing a significant challenge for further upside movement. Traders and investors should closely monitor the key support and resistance levels mentioned to gauge the future direction of Ethereum.
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