Ethereum Price Struggles Below $3,500 Resistance Despite Recent Gains
Ethereum Price Update
Ethereum is currently struggling below the $3,500 resistance while Bitcoin shows gains. Key points include:
- ETH has failed to close above $3,400 and $3,450.
- The price is consolidating above $3,150 and trading above $3,300, supported by the 100-hourly Simple Moving Average.
- A contracting triangle forms with resistance at $3,355 on the ETH/USD hourly chart.
- A breakout above $3,400 could lead to further increases.
Recent movements show:
- ETH started an upward move from $3,200 but underperformed compared to Bitcoin.
- It cleared the $3,250 resistance and surpassed the 50% Fib retracement level of the decline from $3,445 to $3,203.
- Resistance levels are at $3,350 (61.8% Fib) and $3,400, with a major resistance at $3,445.
- A clear move above $3,445 may target $3,550 and potentially $3,650 or $3,720 in subsequent sessions.
If Ethereum does not clear the $3,400 resistance, it may face declines with initial support near $3,300. Key support levels include:
- $3,250
- $3,200
- $3,120
- $3,050
Technical Indicators
- MACD indicates losing momentum in the bullish zone.
- RSI is above the 50 zone.
- Major Support Level: $3,200
- Major Resistance Level: $3,400
