Ethereum Price Eyes Breakout Above Key Resistance Levels

#Ethereum price action against the US Dollar on the 4-hour chart is currently showcasing a mixed bag of signals, indicative of both potential opportunities and risks for traders. 

$ETH has experienced a slight downward trend in recent sessions, with closing prices hovering around the $3,500 mark. Currently, it sits just above a significant support level at $3,479.41. This level is critical for maintaining the bullish structure, as a break below could see ETH testing deeper supports at $3,447.75 and $3,441.73. On the upside, ETH faces immediate resistance at $3,516.61. A successful breach of this level could open the doors to higher resistance zones at $3,565.93 and $3,583.4. These levels are pivotal; overcoming them could catalyze a more substantial bullish rally.

The Exponential Moving Averages (EMAs) provide a nuanced view of the ongoing trend. The 9  EMA is slightly above the 20 EMA, signaling a mild bearish crossover in the recent sessions. Meanwhile, the 9 EMA has been showing a gradual decline from $3,538.82 to $3,509.90, indicating short-term bearish momentum. Meanwhile, the 20 EMA’s gradual descent from $3,532.79 to $3,518.74 supports this bearish outlook, albeit more slowly.

The Moving Average Convergence Divergence (MACD) indicator adds further weight to the bearish sentiment. Recent MACD values indicate that the bearish momentum is gaining traction, with the MACD line moving significantly below the signal line. The histogram has consistently reflected negative values, highlighting the increasing bearish pressure. Specifically, the MACD histogram’s shift from positive to negative suggests a strong bearish trend, as observed in the recent transition from a positive 1.73 to a negative 5.94. #ETHETFS #ETH #TrendingInvestments
The full analysis and trade strategy were originally posted on ecoinimist.com.