Ethereum’s price has been on a rollercoaster ride recently, experiencing both ups and downs. The digital currency started a recovery wave from the $3,230 zone and managed to climb above $3,350. However, it is now facing strong resistance at $3,420. This resistance level could prove to be a significant hurdle for Ethereum’s price movement in the near future.
One of the major obstacles for Ethereum right now is the $3,420 resistance level. The price is currently trading below this level and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD. In order for Ethereum to continue its upward momentum, it must clear the $3,420 and $3,450 resistance levels.
On the downside, Ethereum has some support levels to watch out for. Initial support is near $3,375, with the first major support sitting at the $3,350 zone. A clear move below $3,350 could potentially push the price towards $3,280, and further losses might lead to a drop to the $3,240 level in the near term.
Looking at the technical indicators, the hourly MACD for ETH/USD is showing signs of losing momentum in the bullish zone. The hourly RSI, on the other hand, is currently above the 50 zone. These indicators suggest a mixed outlook for Ethereum’s price movement, with potential for both upside and downside in the short term.
Ethereum’s price is currently at a critical juncture, facing resistance at $3,420 and support at $3,350. The technical indicators are giving conflicting signals, adding to the uncertainty surrounding Ethereum’s future price movement. Traders and investors should proceed with caution and closely monitor key levels to make informed decisions in this volatile market.
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