Ethereum (ETH) is trading at $3,610, up 0.30% in 24 hours, with a trading volume of $15.62 billion. The $3.47 trillion cryptocurrency market is resilient despite the changing sentiment, as evidenced by the Fear and Greed Index score of 61.
Ethereum, which is ranked second with a market cap of $435.12 billion, is testing a crucial resistance area around $3,675, creating a double top pattern and matching a declining trend line. Traders should keep an eye on this area.
Current Market Overview
The cryptocurrency market trading volume is $87.46 billion, indicating investor interest. The altcoin season index is 52/100, indicating a balance between Bitcoin and altcoins. Traders are watching the Ethereum price for breakouts.
Ethereum Price Key Levels and Indicators
Ethereum is facing immediate resistance around $3,675, which is crucial for the uptrend to continue. A break above this pivot could lead to $3,829 and $3,977.
Failure to break this level could lead to a decline towards $3,504, with support around $3,299 and $3,097.
Momentum signals are mixed. The RSI is 60, indicating a moderate uptrend.
Ethereum remained above its 50-day EMA at $3,490, supporting a short-term upside.
However, the double top pattern suggests reversals if the $3,675 resistance holds.
What traders should note
The Fear and Greed Index is at 61, indicating optimism, although Ethereum resistance should be taken into account. A break of $3,675 could boost buying momentum and push the price towards higher resistance levels.
Ethereum may correct if it fails to hold above this pivot, with the 50-day exponential moving average as the first support.
Key results:
Resistance: A breakout at $3,675 could target $3,829 and $3,977.
The main support is $3,504, followed by $3,299 and $3,097.
Market Sentiment: RSI at 60 indicates moderate upside; price above 50-day EMA shows early strength.