TL;DR
- Ethereum is facing a crucial moment, needing to overcome obstacles for a new rally.
- It has attempted to increase its price above $3,550, but with limitations, similar to Bitcoin.
- In technical analysis, stability above $3,500 is observed, but it faces a key resistance at $3,550.
The price of Ethereum (ETH) faces a crucial moment in its trajectory, needing to overcome specific obstacles to trigger a new rally. Currently, the cryptocurrency is in a consolidation phase above the key support zone of $3,450, but additional momentum is required to clear the path towards higher levels.
In recent days, Ethereum has shown attempts to increase its price above the resistance at $3,550, and has even managed to surpass $3,600 at certain times. However, these advances have been limited, in line with the behavior observed in Bitcoin. After reaching a recent high of $3,614, the price of Ethereum experienced a correction to the downside, falling below $3,500 before initiating a new recovery.
In technical analysis, it is observed that ETH is trading above $3,500 and the 100-hour Simple Moving Average, suggesting some short-term stability. However, it faces a key resistance around the $3,550 level, where a new bearish trend line is also forming on the hourly ETH/USD chart. To continue with an upward movement. Ethereum will need to overcome this initial resistance and consolidate above $3,560 and $3,620.
Ethereum Attempts to Break Key Resistances
If it manages to overcome these obstacles. The path to higher levels will be relatively clear, with additional resistances at $3,650, $3,720, and $3,750. Surpassing this last mark could open the door to a more pronounced bullish momentum. With the potential to reach the $3,820 zone and even challenge the psychological resistance at $4,000.
However, if it fails to overcome the resistance at $3,550, Ethereum could face another round of downward pressure. In this scenario, initial support would be expected around $3,500, followed by stronger levels at $3,475 and $3,420. A break below this last level could lead Ethereum towards the $3,320 zone and even $3,240.
At the time of writing this article, ETH is trading at $3,469.09. It experienced a decrease of 1.43% in the last 24 hours. Its market capitalization is $416,146,270,183 and its volume, which decreased by almost 18%, is $12,577,582,265.
