Ethereum Navigates Critical Support: What's Next for ETH?
Ethereum's price recently surged past the $3,350 resistance, marking a significant bullish move. Currently, ETH is consolidating these gains, holding firm at a crucial support level of $3,280. This comes after a notable rally to $3,400, followed by a minor downside correction. The cryptocurrency remains above both the $3,280 mark and its 100-hourly Simple Moving Average, with a bullish trend line forming at the $3,280 support on the hourly ETH/USD chart. Sustaining this level is key for its immediate trajectory.
Price Action and Key Support Levels
After achieving a high of $3,402, Ethereum experienced a brief downturn, slipping below $3,320 and even touching the 23.6% Fib retracement level of its recent ascent from $3,060 to $3,402. Despite this pullback, the $3,280 support, bolstered by the 100-hourly Simple Moving Average and the established bullish trend line, has proven resilient. Should this support hold, ETH bulls are poised to initiate another upward movement, targeting immediate resistance at $3,320, followed by $3,350 and a more significant hurdle at $3,385. A decisive break above $3,385 could propel Ether towards the $3,450 region, with potential to reach $3,500 or even $3,550 in the near term if momentum continues.
Downside Risks and Technical Outlook
Conversely, failure to overcome the $3,320 resistance could trigger a fresh decline for Ethereum. Initial downside support rests at the $3,280 level and the trend line, with major support found around the $3,260 zone, aligning with the 100-hourly SMA. A breach below $3,260 might see the price dip towards $3,220, coinciding with the 50% Fib retracement level of the recent upward wave. Further losses beyond this point could push ETH towards the $3,150 region. Technical indicators present a mixed picture, with the Hourly MACD for ETH/USD currently losing bullish momentum, and the Hourly Relative Strength Index (RSI) positioned below the 50 mark, signaling caution.
- Major Support Level: $3,280
- Major Resistance Level: $3,385
