Ethereum ’s price continues to face challenges, lingering below the crucial $3,400 resistance level. Recent trading activity has revealed a bearish trend, with potential declines below the $3,150 support level looming if conditions do not improve.
Despite an initial upswing from the $3,220 level, Ethereum struggled to maintain momentum compared to Bitcoin . The price managed to break through the $3,300 barrier but soon encountered selling pressure. Following a peak at $3,361, Ethereum ’s value began to decline, falling through key support levels, including $3,250 and $3,220. The price recently dipped below $3,270, breaching a significant contracting triangle highlighted in recent hourly charts. A low was recorded at $3,201, and the cryptocurrency is now in a consolidation phase.
Currently, Ethereum is trading below $3,300 and also beneath the 100-hourly Simple Moving Average, further indicating bearish sentiment. The cryptocurrency faces resistance near the $3,280 level, which aligns with the 50% Fibonacci retracement level of the downward move from the recent high to the low at $3,201. The closest major resistance is situated at $3,300, followed by a more substantial resistance around $3,350.
For the price of Ethereum to exhibit any significant recovery, it must successfully navigate above the $3,350 resistance, potentially paving the way for an increase toward $3,450 and beyond. If Ethereum falters in breaching the $3,300 level, however, it may trigger further declines. The immediate support is around $3,200, with a critical level at $3,150. A definitive move below this support could send Ethereum down toward $3,120 and potentially as low as $3,050, with $3,000 as the next key support level.
Technical indicators suggest a bearish momentum, with the hourly MACD indicating strength in negative territory and the RSI hovering below the neutral level of 50.
