The cryptocurrency market is largely trending downwards today, and Ethereum (ETH) is feeling the pressure, marking a notable price dip over the last 24 hours. As investors scrutinize market movements, key technical levels are emerging as critical indicators for the popular altcoin's immediate and midterm trajectory.
Immediate Price Action and Short-Term Hurdles
Ethereum's price has fallen by 3.2% over the past 24 hours, settling around $3,218 at present. An attempt to break past the local resistance at $3,231 on the hourly chart proved to be a false breakout. For any immediate bullish momentum, it is crucial for the daily candle to close above this $3,231 level, which could then open the door for a test of the $3,250 area. Should ETH fail to hold above this mark, the immediate upward prospects appear limited.
Mid-Term Stagnation Expected
A wider lens reveals a more challenging picture for Ethereum bulls in the midterm. A sustained upward trend would necessitate ETH firmly establishing itself above a more significant resistance point at $3,447. Until this level is convincingly surpassed, bears are anticipated to retain their stronger position in the market. This lack of dominance from either buyers or sellers is further underscored by a noticeable decline in trading volume. As a result, market analysts suggest that sideways trading, with prices consolidating around current levels, is the most probable scenario for Ethereum through the end of the month.
