Ethereum Drops to $3,345; Technical Pattern Suggests Breakout

Ethereum (ETH) is down 1.76% to $3,352.70 in 24 hours, with a $18.71 billion trading volume. Ethereum, ranked #2 in the cryptocurrency market, with a $403.88 billion market valuation and 120.47 million circulating units.

Prices have narrowed into a symmetrical triangle formation, a technical setup that generally indicates a major price move.

Bullish momentum depends on $3,350 resistance, the triangle's top border.

Stopping additional falls need support at $3,221 and $3,097. This tightening range is watched by traders for the next breakthrough.

Ethereum's symmetrical triangle implies a turning point. A bullish breakthrough over $3,350 might target $3,520 and then $3,700.

The 50-day EMA is $3,355, emphasizing the importance of passing this resistance level.

However, failure to break over $3,350 might bring Ethereum down to the $3,221 support zone and perhaps $3,097.

With an RSI of 52, momentum is neutral and open to either direction.

Key Resistance and Support Levels

Instant Resistance: $3,350

Next Resistance: $3,520, $3,700
Immediate Help: $3,221

Next Support Levels: $3,097, $2,983

Ethereum Technical Indicators and Market Sentiment

RSI 52 indicates neutral market momentum, neither overbought nor oversold. A break above the symmetrical triangle might signify a trend change, boosting bullish optimism.

A negative breakdown may increase selling pressure as traders capitalize on bearish momentum.

Ethereum's $18.71 billion trading volume shows substantial market involvement, emphasizing the consolidation phase.

As the price oscillates inside the triangle, traders expect further volatility and a dramatic breakout in the following days.

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