Ethereum, the leader of blockchain technology, has recently shown a volatile trend in the market. Starting from the 3230 area, Ethereum has set off a small recovery wave and successfully stood above 3400 at midnight. However, when the price touched 3420, it encountered strong pressure.

Since the support area of ​​3240, Ethereum has attempted an upward correction. But the current price is still below 3420 and has not been able to surpass the 100-hour simple moving average. On the hourly chart, a key bearish trend line can be clearly seen with resistance close to 3410. If Ethereum wants to continue to rise, it must first break through the two key resistance levels of 3420 and 3450. Ethereum's market trend is clearly seeking recovery. After touching the support area of ​​3240, it experienced a recovery wave like Bitcoin. The price has risen from the levels of 3300 and 3320. The bulls pushed the price above 3350 and even broke through the 61.8% Fibonacci retracement level of the decline from the high of 3518 to the low of 3230. But as mentioned earlier, the price encountered strong resistance when approaching the 3420 area.

From the technical indicators, Ethereum's MACD is losing momentum in the bull market area, while the RSI is above the 50 area, showing that there is still some buying power in the market. However, to confirm the further trend of the market, we still need to observe whether the price can break through the aforementioned key resistance level. If Ethereum fails to successfully break through the resistance level of 3420, it may decline again. The initial downside support is around 3375, while the first major support area is around 3350. If the price clearly breaks below the support of 3350, it may fall further to 3280 or even lower. #以太坊ETF批准预期 #美国PCE数据将公布 #美联储何时降息？ $BTC $ETH $BNB