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Ethereum ($ETH ) has slipped 1.76% over the last 24 hours, trading at $3,352.70 with a robust $18.71 billion trading volume. As the second-largest cryptocurrency by market cap, Ethereum boasts a valuation of $403.88 billion and a circulating supply of 120.47 million tokens. Analysts note that Ethereumโs price is currently consolidating within a symmetrical triangle, a chart pattern often preceding significant price movements.
A decisive breakout above the triangleโs upper boundary near $3,350 could ignite a bullish rally, targeting resistance levels at $3,520 and $3,700. The 50-day Exponential Moving Average (EMA) at $3,355 further underscores the critical nature of this resistance zone. Conversely, a failure to clear this level could trigger a retracement, with immediate support identified at $3,221 and $3,097. Further downside pressure might test the $2,983 level, making these zones crucial for traders to monitor.
Market sentiment, as reflected by the Relative Strength Index (RSI) at 52, indicates a neutral momentum, leaving room for price action in either direction. Ethereumโs strong trading volume during this consolidation phase signals heightened market engagement, with traders bracing for a potential breakout. The narrowing price range within the symmetrical triangle suggests that significant volatility could be on the horizon, paving the way for pivotal price moves in the days ahead.
Key levels to watch include resistance at $3,350, $3,520, and $3,700, and support at $3,221, $3,097, and $2,983. As Ethereum hovers at this technical inflection point, the market awaits a clear signal to determine its next trajectory.