Ethereum
Ethereum at $3,000, a dam about to break?
3:14 p.m. ▪ 3 min reading ▪ by Fénelon L.
Despite a recent correction, Ethereum (ETH) remains above the psychological threshold of $3,000. This resilience could signal interesting upside potential for the second-largest crypto on the market. Let’s break down the key levels to watch.
Ethereum consolidates its position above $3,000
Over the past week, ETH has managed to consistently stay above the crucial $3,000 support. This performance highlights the bull domination on the market. Trading above $3,050, Ethereum is showing signs of a healthy correction.
However, the recent weekly high reached at $3,144 faced a slight pullback as sellers stepped in near $3,150. Currently, ETH is trading around $3,120, with immediate resistance located at $3,080. Additionally, a bearish trend line is visible on the ETH/USD hourly chart. However, a sustained move above this line could pave the way for a retest of the $3,150 level.
Additionally, a confirmed breakout above the $3,150 mark would give Ethereum the momentum to target higher price levels. The ability of buyers to remain strong at this key resistance level could inspire a bullish sentiment in the market.
The next major hurdle lies at $3,200. Beyond that, interest in ETH could intensify and propel its price towards $3,250. A clear break above $3,250 would pave the way for a test of the $3,320 resistance.
Media to watch closely
In the short term, the first notable support for Ethereum is around $3,065. This level could contain a temporary decline. However, in the event of a breakout, the next major support to consider is the psychological threshold at $3,000.
If the latter were to give in, ETH could risk falling to $2,980. Failure at this point would expose the crypto to a deeper correction towards $2,860.
On the hourly chart, the MACD indicator is losing strength in positive territory, signaling weakening bullish momentum and increasing selling pressure. Additionally, the RSI index below 50 reflects a market under bearish pressure, raising concerns among investors.
In summary, as analyzed in our last article, Ethereum still struggles to keep up with Bitcoin’s rapid pace. The SEC’s impending decision on an Ethereum spot ETF has traders on edge. Despite the long-term optimism, a rejection could trigger a short-term correction.
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Fenelon L.
Passionate about Bitcoin, I like to explore the intricacies of blockchain and cryptos and I share my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.