As an experienced financial analyst, I have closely followed Ethereum’s price action and market trends. Based on my analysis of the current situation, it appears that Ethereum is facing significant resistance around the $3,420 zone, with the price struggling to break above this level. The forming bearish trend line and the downward sloping 100-hourly Simple Moving Average add credence to this observation.
As a crypto investor, I’ve noticed Ethereum‘s price having a tough time breaking through the $3,420 resistance level. Currently, Ethereum is in a consolidation phase and may experience a decline if it falls below the $3,320 mark again.
- Ethereum is struggling to gain pace for a move above the $3,420 zone.
The price is trading below $3,400 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance near $3,400 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $3,400 and $3,425 resistance levels to continue higher.
Ethereum Price Faces Hurdles
The price of Ethereum began bouncing back above $3,320, reaching as high as $3,426. However, resistance emerged around $3,420, with sellers becoming increasingly active. A peak was reached, but Ethereum’s price subsequently retreated like Bitcoin after forming a high.
The price dropped under the $3,380 mark, falling beneath the 23.6% Fibonacci retracement point of the rally that lifted the market from a swing low at $3,230 to a high of $3,426. Bulls are currently working to prevent further declines below the $3,320 threshold.
Ethereum currently trades under $3,400 and the 100-hour moving average. As it attempts to rise, Ethereum encounters obstacles around the trend line and $3,400. Moreover, a bearish trend line is emerging on the hourly chart of ETH/USD, setting resistance near $3,400.
As a crypto investor, I see the first significant barrier to Ether’s price growth around the $3,420 mark. The primary hurdle lies at the $3,450 level. Breaking above $3,450 could potentially propel Ether further, aiming for the resistance at $3,550.
The next key resistance is near $3,620. An upside break above the $3,620 resistance might send the price higher. The next hurdle sits at $3,680, above which the price might gain traction and rise toward the $3,720 level. Any more gains could send Ether toward the $3,880 resistance zone.
Another Drop In ETH?
As an analyst, I would interpret the current market situation for Ethereum as follows: If Ethereum is unable to surmount the resistance at $3,400, it could lead to another downtrend. The initial floor lies around $3,350. The primary support can be found in the vicinity of $3,320 and encompasses the 50% Fibonacci retracement level, which marks the halfway point of the upward trend from the $3,230 swing low to the $3,426 high.
If the price falls significantly below the $3,320 mark of support, it could potentially lead to a drop towards $3,250. Further losses may cause the price to head towards the nearby support at $3,200.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,320
Major Resistance Level – $3,400
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2024-06-27 06:42