Despite initial attempts to break above the $3,500 resistance zone, Ethereum has failed to sustain its upward momentum. The price is currently consolidating below this crucial level, trading around $3,480 and below the 100-hourly Simple Moving Average. A key declining channel is forming with resistance at $3,470 on the hourly chart of ETH/USD.
Following a failure to extend gains above the $3,550 resistance zone, ETH corrected its gains and dipped below $3,500, mirroring similar movements in Bitcoin. The bears managed to push the price below $3,450, reaching a low near $3,390 before a slight recovery. The price surged above $3,420, surpassing the 50% Fib retracement level, but struggles persist near the $3,500 level.
Having fallen below $3,500 and the 100-hourly Simple Moving Average, Ethereum faces immediate resistance around $3,480 before aiming for the $3,500 level. Further hurdles lie ahead near $3,520 and $3,550, with a potential breakthrough leading towards $3,650 and ultimately the $3,800 resistance zone.
Failure to clear the $3,500 barrier could trigger a new downward trend, with initial support hovering near $3,420 and the critical $3,400 zone. A decisive break below $3,400 might accelerate losses towards $3,340 and potentially the $3,320 support level, followed by $3,250 as the next key support.
Looking at the hourly MACD, momentum is waning in the bullish zone for ETH/USD. The hourly RSI, while currently above the 50 zone, suggests a mixed sentiment and potential for further price fluctuations in the near term.
Ethereum’s price movements have faced challenges in breaching key resistance levels and sustaining upward momentum. While obstacles remain in the short term, the overall trajectory of ETH price remains uncertain, with both bullish and bearish possibilities in play. Traders and investors must carefully monitor key levels and technical indicators to make informed decisions in the dynamic cryptocurrency market.
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