Ethereum’s price is currently attempting to make a fresh increase above the critical $3,420 resistance zone. Despite slowly moving higher above this level and trading above $3,400 with the support of the 100-hourly Simple Moving Average, ETH is encountering challenges in clearing the $3,480 and $3,520 resistance levels.
There was a break above a connecting bearish trend line with resistance near $3,390 on the hourly chart of ETH/USD. The pair must successfully clear the $3,480 and $3,520 resistance levels in order to continue its upward momentum.
If Ethereum fails to break past the $3,480 resistance, it may potentially initiate another decline. Initial support lies near $3,420, with the first major support level near the $3,400 zone and the 50% Fib retracement level. A clear breakdown below $3,400 could potentially push the price towards $3,320, with further losses potentially leading to a test of the $3,240 level in the near future.
The Hourly MACD for ETH/USD is currently gaining momentum in the bullish zone, indicating a potential increase in buying pressure. Additionally, the Hourly RSI has now risen above the 50 zone, suggesting an increase in bullish sentiment in the market.
Ethereum’s price is currently facing a significant challenge in breaking through key resistance levels at $3,480 and $3,520. The ability to clear these resistance levels will determine the future direction of ETH, with potential upside targets at $3,550, $3,620, and $3,740. On the other hand, failure to break past the resistance could lead to a downside movement towards $3,320 and $3,240. Traders and investors should closely monitor these levels and technical indicators to make informed decisions in the current market environment.
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