đ€đ€đ€ #Ethereum Faces $3,500 Hurdle: Whatâs Next for the Altcoin Giant?
Ethereum Price Analysis: $ETH Faces Key Hurdle Near $3,500
Current Status:
Ethereum is stable above $3,400 and is testing the $3,500 level but struggling to move higher.
Trading Position:
- Above $3,400 and the 100-hourly Simple Moving Average.
- Key bullish trend line support at $3,350 on the hourly chart (via Kraken).
Key Levels:
- Support: $3,350 (major), $3,320, $3,250, $3,220.
- Resistance: $3,500 (major), $3,520, $3,550, $3,650, $3,740, $3,800.
Price Movement:
- Current High: $3,515, with slight correction testing the 23.6% Fib retracement from $3,350 to $3,515.
- Immediate Resistance: $3,500, with major hurdles at $3,520 and $3,550.
- Further Upside: Breaking $3,550 could target $3,650 and beyond to $3,740 and $3,800.
Potential Downside:
- If failing to clear $3,500, initial support is at $3,420 and $3,350.
- Further losses could push ETH towards $3,320 and $3,250.
Technical Indicators:
- Hourly #MACD : Losing momentum in the bullish zone.
- Hourly #RSI : Above 50.
Ethereum needs to break the $3,500 and $3,550 resistance levels for further upward momentum, with strong support around $3,350 mitigating downside risks.
Source - newsbtc.com
