Ethereum price has managed to remain stable above the $3,400 resistance zone, with the cryptocurrency testing the $3,500 level multiple times. However, it appears to be struggling to push higher beyond this key level. Despite this, Ethereum continues to hold onto its gains and remains above $3,400, as well as the 100-hourly Simple Moving Average.
A key bullish trend line is forming with support at $3,350 on the hourly chart of ETH/USD. If Ethereum manages to clear the $3,500 and $3,550 resistance levels, the price could potentially continue to rise. The current struggle near the $3,500 zone is in contrast to Bitcoin’s recent surge above $65,000, highlighting the resistance Ethereum is facing at this level.
The Ethereum price faced a major hurdle at the $3,500 zone, where strong resistance is currently present. Despite climbing above the $3,400 resistance and entering a positive zone, the price has been unable to break through this key level. After reaching a high of $3,515, Ethereum is now consolidating its gains and undergoing a correction.
In terms of support, initial levels to watch include $3,420 and the 61.8% Fib retracement level. The $3,350 zone and the established bullish trend line are key areas of support for Ethereum, with a move below $3,350 potentially signaling further downside towards $3,320. The $3,250 support level and $3,220 are additional key areas to monitor should Ethereum experience more losses.
Looking ahead, the next major resistance levels for Ethereum are at $3,520, $3,550, and $3,740. An upside break above $3,740 could see the price heading towards the $3,800 resistance in the near future. The hourly MACD for ETH/USD is showing a loss of momentum in the bullish zone, while the hourly RSI is currently above the 50 zone.
In conclusion, Ethereum’s price is holding steady above key support levels, but is facing strong resistance near $3,500. The ability to break through this resistance will be crucial in determining whether Ethereum can continue to move higher in the coming days. Traders and investors are closely watching these key levels and technical indicators to gauge the future direction of Ethereum’s price.
