Ethereum has encountered challenges in its attempt to surpass the $3,220 level, leading to a period of consolidation following recent losses. Currently, Ethereum ’s price is trading below $3,180 and the 100-hour Simple Moving Average, indicating a bearish trend may be underway.
The cryptocurrency saw a notable decline, dropping below the critical support levels of $3,220 and $3,180. Despite a temporary recovery, where it hovered around the $3,120 and $3,150 range, the bearish sentiment persisted as the price slipped beneath the $3,200 level. A recent low was recorded at $3,021 before a modest rebound occurred. However, resistance has proven strong near $3,200, compounded by a developing bearish trend line with significant resistance at $3,220.
Looking at potential paths forward, the price struggles to maintain momentum above the $3,180 level, with significant hurdles between this point and the $3,220 level. A decisive breakout above $3,220 could potentially push Ethereum towards $3,320, paving the way for further progress towards $3,450 or even $3,500 in the following sessions.
Conversely, should Ethereum fail to breach the $3,200 resistance, it may be poised for another downward movement. The initial support level to watch lies near $3,075, followed by substantial support at $3,050. If the price dips below $3,050, further declines to the $3,020 support could occur, with the next significant support around the $3,000 level.
In summary, the current technical landscape reveals significant resistance above the current price level, while support thresholds will be crucial in determining whether Ethereum can hold its ground or face steeper declines in the near future.
