Despite attempts to break above the $3,500 resistance zone, Ethereum has continuously failed to sustain gains in recent trading sessions. The price is currently hovering below $3,480 and the 100-hourly Simple Moving Average, indicating a lack of bullish momentum in the market.
The hourly MACD for ETH/USD is showing a loss of momentum in the bullish zone, signaling potential bearish pressure on the price movement. Additionally, the hourly RSI for ETH/USD is above the 50 zone, but the lack of a strong uptrend suggests a struggle for Ethereum to break through key resistance levels.
The bears have been able to push the price of Ethereum below $3,450, creating a low near $3,390. While there was a brief uptick above the $3,420 level, the bears remain active near the crucial $3,500 resistance. They have failed to clear the 61.8% Fib retracement level from the previous downward move, suggesting a strong barrier for Ether to overcome.
If Ethereum fails to break above the $3,500 resistance, it could face another round of decline. Initial support is seen near $3,420, followed by a major support zone around $3,400. A decisive move below $3,400 could lead to a further drop towards $3,340, with a potential test of the $3,320 support level on the horizon.
Despite the current challenges faced by Ethereum in breaking through resistance levels, a clear move above $3,500 could pave the way for a significant uptrend. The next major resistance levels to watch out for are at $3,520 and $3,550, with a close above $3,550 potentially opening the path towards the $3,650 resistance zone.
Ethereum’s struggle to break above $3,500 is a crucial obstacle for its price movement. While the bears remain active and resistance levels hold firm, a breakthrough above key resistance marks could signal a bullish reversal for Ethereum in the near term. Traders and investors should closely monitor price movements and technical indicators for potential entry and exit points in this volatile market.
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