Ethereum Consolidates Post-Selloff, Faces Strong Resistance at $3,400

Ethereum (ETH) is currently in a consolidation phase after a recent selloff, maintaining above key support levels. Despite this, it remains constrained by a descending trendline and resistance around $3,400.

Key Market Observations:

ETH is attempting to stabilize, forming a base post-selloff but is capped below the 50-day EMA at approximately $3,281.
Current trading is near $3,131, with initial support around $3,050 and a significant demand zone between $2,750 and $2,900.
Resistance is concentrated between $3,280 and $3,300, marking a critical level for confirming recovery.

Ethereum

A break above $3,300 may lead to a move towards $3,500. Failure to do so could result in volatile price action and potential declines back to $3,000 or $2,800.

Trendline Dynamics:

ETH is under pressure from a descending trendline acting as a diagonal resistance.
The price must stay above $2,905 and a rising black trendline to maintain bullish bias.
Breaking the descending trendline resistance could prompt rallies targeting $3,661, $3,878, and $4,292.

Ethereum

A daily close above $3,400 is crucial for breaking the descending trendline and sustaining upward momentum while avoiding dips below $2,905.