Recently, Ethereum price faced a downside correction from the $3,520 zone. However, it remains stable above $3,420 and shows signs of attempting another increase in the near term. The price failed to surpass the $3,520 zone, leading to a corrective movement. Despite this, Ethereum is currently trading above $3,420 and the 100-hourly Simple Moving Average.
Technical Indicators
The MACD for ETH/USD is losing momentum in the bullish zone, indicating a possible shift in market sentiment. Additionally, the RSI for ETH/USD is now below the 50 zone, suggesting a weakening bullish momentum.
There is a connecting bearish trend line forming with resistance near $3,470 on the hourly chart of ETH/USD. The pair must clear the $3,470 and $3,520 resistance levels to continue on a bullish trajectory. The immediate upside resistance is near the $3,470 level, followed by the $3,500 and $3,520 levels. A close above $3,520 could propel Ethereum towards the $3,550 and $3,650 resistance levels.
On the downside, initial support is seen near $3,435, with major support at the $3,420 zone. A break below $3,420 may lead to a further decline towards $3,350 and potentially $3,320 in the near term.
Ethereum recently experienced a decent upward move above the $3,420 level, clearing the $3,450 and $3,500 resistance levels. However, the price faced selling pressure near the $3,516 mark and initiated a downside correction. The bulls have been active near the $3,420 support zone, defending the 50% Fib retracement level of the recent upward move.
Although Ethereum is currently trading above $3,420 and the 100-hourly Simple Moving Average, it needs to overcome the immediate resistance at $3,470. Failure to clear this level could result in further downside momentum.
While Ethereum shows signs of potential upward movement, it faces a crucial resistance level at $3,470. Traders and investors should closely monitor the price action around this level to determine the next direction of Ethereum’s price movement.
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