Ethereum is currently facing challenges as it trades below the significant resistance level of $3,500, while Bitcoin is experiencing gains. The ETH price is consolidating above $3,150, indicating a possible attempt for an upward breakout soon.
Attempts to push Ethereum ’s price above the $3,400 and $3,450 levels have not gained enough traction. However, the cryptocurrency is currently positioned above $3,300, supported by the 100-hourly Simple Moving Average. An important contracting triangle is forming on the hourly chart with resistance at approximately $3,355. A clear breakthrough of the $3,400 barrier could lead to additional momentum for Ethereum .
Following a notable upward move from the $3,200 level, Ethereum has shown strength by surpassing the $3,250 resistance, entering a short-term bullish territory. Buyers have succeeded in pushing the price above $3,300, and there was a significant recovery above the 50% Fibonacci retracement level, calculated from the recent downturn from $3,445 to $3,203. However, sellers remain active, particularly below the $3,400 level, presenting a challenge for any further increase.
The price is encountering resistance near $3,350, aligned with the 61.8% Fibonacci retracement level from the recent price decline. Should Ethereum manage to break above the $3,445 threshold, it could aim toward $3,550. Successfully exceeding the $3,550 barrier could set the stage for even more significant gains, potentially driving the price toward $3,650 or even $3,720.
Conversely, if Ethereum cannot secure a move past the $3,400 level, it may face another downward trend. Initial support is identified at $3,300, with further significant support levels located at $3,250 and $3,200. If the price dips below these levels, it could lead to a move towards $3,120, with the next critical support at $3,050.
