Ethereum is consolidating below the $3,455 resistance level, forming a bullish pattern.
Support at $3,292 holds steady, providing a base for potential upward movement.
A breakout above $3,455 could lead to price levels between $3,600 and $3,700.
Ethereum is trading slightly below the all-important $3,455 resistance level, and it is beginning to present a bullish pattern. With XRP trading at a significant and volatile range, traders are waiting for another shift that might drive the cryptocurrency to $3,600 to $3,700. This phase of consolidation shows the struggle between the upward movements and the resistance levels of shorter time frames.
Support at $3,292 Holds Firm as bullish Patterns Indicate Potential Upside
Still, for ELN the main takeaway of the current price action is this strong support forming at $3,292 . This level has served to arrest further losses of the cryptocurrency depending on market trends. This consolidation shows that bulls are keen on defending this support level, therefore, if the price breaks through the $3,455 resistance level, then the price may move up.
https://twitter.com/Coleracin77/status/1860963291952271535
Through technical analysis one learns that Ethereum is in a bullish pattern on the price chart, meaning movement to the upside is expected. These patterns combined with the growing volume may indicate that the risk is being taken by traders by a breakout above the $3455 resistance level.
The Path to $3,600-$3,700
If Ethereum achieves the bull run and moves past $3,455, then the next resistance level arises from $3,600 – $3,700. This upward move would be a major boost for the cryptocurrency since it would mirror other cryptocurrencies in the digital asset classes. But traders are also reluctant, understanding that price may remain stagnant at these higher levels and eventually reverse, leading to plenty of selling.
This shows that the price change in Ethereum is similar to any other market with relation to investors’ attitude to a particular asset and economic factors such as changes in interest rates and changes in regulations on a particular commodity or asset. Since Ethereum is bound to establish its higher lows and constructive patterns, it will continue to attract traders intending to make quick profits and prolonged investors watching for its general trend.
The post Ethereum Consolidates Below $3,455: Is a Breakout Imminent? appeared first on Crypto News Land.
