Ethereum Price on the Verge of Breakout: Will It Surge or Fall?

The 4-hour chart for the #Ethereum price reveals significant insights into its recent action and potential future movements. Closing prices for $ETH over the recent sessions reflect a slight bearish tendency, fluctuating around the $3,370 range. 

The moving averages are essential in gauging the market's short-term and medium-term sentiment. Additionally, the 9 EMA (Exponential Moving Average) hovers slightly below the 20 EMA. This suggests a minor bearish sentiment. However, the close proximity of these averages indicates a potential for a reversal or consolidation phase.

Meanwhile, MACD (Moving Average Convergence Divergence) values further confirm this sentiment. The MACD line remains below the signal line, reflecting a bearish trend, albeit with a narrowing histogram which hints at decreasing bearish momentum. This could potentially lead to a bullish crossover if the trend continues.

RSI (Relative Strength Index) levels range between 43 and 49, showing that #ETH is in a neutral zone, neither overbought nor oversold. This neutral RSI supports the possibility of either a continuation of the current trend or a forthcoming reversal, depending on market conditions.

The Ethereum price is currently trading near the support level of $3,361.69. A break below this could lead to further downside movement towards the next support levels at $3,280.3 and $3,206.17. Traders should watch for any price action around these levels to gauge market sentiment and potential rebounds.

On the upside, resistance levels are noted at $3,419.6, $3,516.61, and $3,519.0. Breaking above $3,419.6 could indicate a bullish trend continuation, with targets set for the higher resistance zones. These levels are critical for traders looking to enter long positions. #altcoins #TrendingInvestments #ETHETFS
The full analysis and trade strategy were originally posted on ecoinimist.com.