Ethereum price has been struggling to break the $3,400 zone and has undergone a correction in recent trading sessions. At the moment, ETH is holding steady near $3,280 and may attempt another push higher in the near future.
Upon further analysis, it is evident that Ethereum started a downside correction from the $3,400 resistance level. The current price is hovering around $3,280, which is just above the 100-hourly Simple Moving Average. Additionally, there is a key bullish trend line forming with support at $3,280 on the hourly chart of ETH/USD.
Looking ahead, if Ethereum manages to initiate another increase, it could face resistance around the $3,350 level, followed by the major hurdle at $3,400. A successful close above $3,400 might propel Ether towards the $3,440 level, with further resistance at $3,500 and $3,550. However, failure to break the $3,350 resistance could lead to a continuation of the downside movement.
In the event of a downward trend, initial support for Ethereum is at $3,280, followed by the major support zone around $3,250. A clear break below $3,250 could potentially push the price lower towards $3,180 and eventually $3,120. The next key support level is at $3,080.
Analyzing the technical indicators, the hourly MACD for ETH/USD is showing signs of losing momentum in the bullish zone. Meanwhile, the hourly RSI has dipped below the 50 zone, indicating a possible shift in sentiment.
Ethereum’s price action is currently at a critical juncture as it attempts to break the $3,400 resistance level. Traders and investors should keep a close eye on the support and resistance levels highlighted in this analysis to gauge the potential direction of ETH in the near term.