Ethereum Price Analysis: Market Dynamics and Key Support and Resistance Points

Recently, Ethereum price failed to successfully break through the 3,500 resistance level and began to pull back. However, ETH found solid support above 3,380, showing the market's resilience and buying power.

From a technical perspective, Ethereum price is currently forming an important rising trend line on the hourly chart, which provides key support for the price near $3,375. At the same time, ETH also continues to trade above the 100-hour simple moving average, which shows that the short-term market still has some strength.

In terms of resistance, ETH's most direct challenge is the 3,450 level. If it can effectively break through this point, the price may try to attack the high of 3,500 again. However, before that, the market may need to consolidate in the current range for some time.

As for support, in addition to the aforementioned 3,375 trend line support, 3,380 is also a key support level. This price level has been tested by the market many times in the near future and has proved to be effective. If the price falls below these key supports, it may trigger a wider sell-off, so investors should pay close attention to these important levels.

In terms of technical indicators, the MACD (moving average convergence divergence) has lost momentum in the bullish zone, which may mean that the market is about to enter a period of consolidation. Meanwhile, the RSI (relative strength index) has now fallen below 50, suggesting that the market may favor sellers in the short term.

Overall, Ethereum is currently in a technically critical area, with challenges to the upside and risks to the downside. Investors should pay close attention to the price dynamics in the key range of 3,380 to 3,500 and whether the support below is solid. In the absence of a clear directional breakthrough, the market may continue to fluctuate in a range.

It should be noted that although the market has its own dynamics and rules, investor sentiment, the macroeconomic environment, and policy factors may all have an impact on prices. Therefore, when making investment decisions, various factors should be considered comprehensively and judged carefully. In the current market environment, it would be wise to remain rational and patient and pay close attention to market dynamics.