Ethereum on the Edge: Must-Watch Resistance and Support Levels

#Ethereum has been exhibiting interesting patterns on the 4-hour chart. Recent closing prices indicate a slight consolidation phase, with the $ETH price oscillating around the $3,500 mark. The latest closing prices were $3,514.45, $3,517.5, $3,510.47, $3,485.01, and $3,498.19, suggesting a battle between bullish and bearish sentiments.

Exponential Moving Averages (EMAs) provide a clearer picture of the market sentiment. The 9 EMA, currently at $3,494.46, suggests a short-term trend aligning with the recent price movement. Meanwhile, the 20 EMA, at $3,471.10, indicates a more stable, albeit slightly bullish, trend over the medium term. The fact that the 9 EMA is above the 20 EMA is a bullish signal, suggesting that short-term momentum is slightly stronger than the medium-term trend.

Meanwhile, the MACD indicator, however, presents a more complex picture. The MACD line is at 33.45, with the signal line at 36.91, resulting in a histogram of -3.46. This bearish divergence indicates a potential downward momentum, which aligns with the recent price drops. The RSI, which has dropped from 62.56 to 58.27, further supports this bearish outlook, suggesting that Ethereum may be experiencing a period of selling pressure.

Ethereum is currently facing a resistance level at $3,498.23, with further resistance at $3,516.61 and $3,519.00. If the price manages to break above these levels, it could signal a bullish continuation, potentially attracting more buying interest. On the downside, Ethereum has support levels at $3,491.44, $3,475.00, and a more significant support at $3,447.75. A break below these support levels could indicate a bearish trend, with the price potentially moving lower. #ETHETFS #altcoins #TrendingInvestments The full analysis and trade strategy were originally posted on www.ecoinimist.com.