Is Ethereum Losing Momentum Below $3,659?
Ethereum faces significant barrier at $3,659 as momentum diminishes. The cryptocurrency has entered a consolidation phase after steady rises, with bulls trying to push it higher. The delay has generated doubts about whether Ethereum's rise is fading or preparing for its next major move.
This article examines ETH's consolidation below $3,659 and its market pressure consequences. Technical indications, support zones, and breakout possibilities will decide if ETH will recover or whether waning strength will lead to more falls.
Key Ethereum Price Indicators
ETH's 4-hour chart shows negative momentum as it approaches $3,360 and the 100-day Simple Moving Average. This crucial level might provide dynamic support for the following move. A successful defense may lead to a rebound, while a break below might cause further drops and test lower support zones.
According to the 4-hour chart, ETH's RSI has decreased to 56% from the overbought zone. This drop in purchasing pressure suggests a market attitude change. As the RSI falls, positive enthusiasm may be diminishing and the market may consolidate or reverse. If the RSI falls, selling pressure may increase, leading to deeper drops.
Ethereum is falling near $3,360 while maintaining above the 100-day SMA. The 100-day SMA provides some support, but the downward action suggests selling pressure, reducing bullish momentum. A breach below $3,360 might lead to additional losses and a worse market retreat.
Finally, the 1-day RSI shows increased bearish pressure on ETH as the signal line slid back to 65%, heading for 50%. The RSI is falling approaching this barrier, indicating that sellers are gaining power and may cause more drops until buying pressure returns.
Ethereum: New Support or Further Fall?
Monitoring $3,360, a solid support zone, is crucial. If Ethereum can maintain above this level, it might bounce to $3,659, the next barrier.
If the price falls below $3,360, ETH may fall to $3,051, the next support zone.
