The $3,500 resistance level facing Ethereum price is clearly a critical technical and psychological threshold in the current market.

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The behavior of traders and long-term investors becomes particularly important around this price, and Ethereum’s current struggles at this level reflect the cautious sentiment in the market. Here is a detailed analysis of the current situation:

Key price range: $3,400 to $3,500

Technical and psychological resistance at $3,500

Ethereum is experiencing strong selling pressure near $3,500. This price is not only a technically important area of ​​resistance, it also has strong psychological significance. Historically, the market has produced significant supply zones at this level, so many investors may have chosen to take profits here, or exit the market temporarily.

$3,400 serves as a more temporary support level that may rebound in the event of a price pullback.

Market swings: The battle of bullish and bearish forces

Currently, Ethereum price is around $3,385.46 and is oscillating around $3,400, showing the game between market forces. Although there were brief attempts to rise, it failed to break through the $3,500 resistance zone multiple times, indicating that the current market sentiment remains cautious and the power of buyers has not yet fully taken over.

technical analysis

Moving Average (SMA)

The 50-day SMA (yellow line) is trying to climb higher, but the 100-day SMA (green line) and 200-day SMA (blue line) still indicate a bearish trend. The failure of the 50-day SMA to break above the long-term moving average indicates that prices may remain under pressure in the short term.

This also reflects bearish pressure in the short to medium term. Although the short-term 50-day SMA may show some upward signals, the overall market trend is still biased downward.

Oscillator: Awesome Oscillator (AO)

The AO (oscillator) shows a clear bearish signal, with significantly more red bars than blue bars, meaning selling pressure is greater than buying pressure. Although the number of red bars has decreased recently, indicating that selling pressure has eased, to see a substantial reversal, AO needs to switch to green bars, which means that buyer power is recovering.

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