🚨 Ethereum ($ETH ) Technical Breakdown: Key Levels to Watch! 📉📈

Ethereum has dropped 1.76% in the last 24 hours, trading at $3,352.70 with a market capitalization of $403.88 billion. As $ETH consolidates in a symmetrical triangle formation, traders are eagerly watching for a potential breakout.

Key Levels to Watch:

Resistance: The immediate resistance lies at $3,350 (triangle's top border). A bullish breakout above this could target $3,520, and potentially $3,700.

Support: Key support levels are $3,221 and $3,097. A failure to break above $3,350 could lead to a drop towards these levels.

Technical Indicators:

RSI (52): The momentum is neutral, with the market in balance—neither overbought nor oversold.

50-day EMA: Right at $3,355, highlighting the importance of this resistance zone for bullish momentum.

Market Sentiment: The symmetrical triangle suggests a potential turning point, with the likelihood of a breakout in either direction.

What’s Next?

Bullish Scenario: A breakout above $3,350 could trigger a surge to $3,520 and possibly $3,700.

Bearish Scenario: If Ethereum fails to hold above $3,350, it could fall towards $3,221, and even $3,097.

Ethereum's price action is at a critical juncture, with $18.71 billion in trading volume indicating substantial market involvement. Stay alert for the next breakout that could fuel significant price moves in either direction!

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