Ethereum’s price faced challenges as it tried to surpass the $3,400 mark, leading to a correction in its gains. The cryptocurrency is currently holding steady around $3,280, and there are indications that another upward movement could be on the horizon.
After hitting the $3,400 resistance level, Ethereum started to experience a downward correction. The price is now hovering around $3,280, closely aligned with the 100-hourly Simple Moving Average. Additionally, a key bullish trend line has emerged, providing support at $3,280 on ETH/USD’s hourly chart.
Despite the recent decline, Ethereum managed to surpass the $3,250 zone and even breached the $3,350 resistance area before hitting the $3,400 threshold. The subsequent correction was milder compared to Bitcoin’s performance during the same period, with the price dropping below the $3,350 support level.
As Ethereum continues to trade near $3,280 and the 100-hourly Simple Moving Average, a key bullish trend line remains intact, offering support at the $3,280 mark. The 61.8% Fib retracement level mirrors the trend line’s position, indicating a potential rise if a fresh increase occurs.
Should Ethereum make a comeback, it may encounter resistance around $3,350, with major hurdles at $3,400 and $3,440. Subsequently, breaching the $3,440 level could propel the price towards $3,500 and beyond. On the contrary, failure to surpass the $3,350 barrier might result in a downward movement towards the $3,250 support zone.
Analyzing the hourly MACD and RSI for ETH/USD reveals a loss of momentum in the bullish zone, with the RSI falling below the 50 zone, signaling potential shifts in market sentiment.
Ethereum’s price struggle reflects the ongoing volatility in the cryptocurrency market, with key resistance and support levels dictating the digital asset’s future movements. Investors and traders should remain vigilant and monitor technical indicators for timely decision-making.
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