Ethereum’s price has faced resistance at the $3,725 level and has subsequently entered a consolidation phase near the $3,475 support. Despite the rollback, there is still potential for the price to experience a rebound in the near term.
The failure to surpass the $3,725 resistance is evidenced by the break below a key bullish trend line with support at $3,510 on the hourly chart of ETH/USD. Additionally, the price dipped below the 50% Fib retracement level of the upward move from the $3,224 swing low to the $3,726 low.
Currently, Ethereum is trading near $3,500 and the 100-hourly Simple Moving Average. Immediate resistance lies around the $3,520 level, with the first major resistance at $3,560. If the price manages to break through these levels, it could test the $3,650 level.
However, the key resistance level to watch is $3,725. If Ethereum surpasses this level, it could experience a surge in bullish momentum and potentially reach $3,800 or even the $4,000 resistance.
Should the price fail to overcome the resistance at $3,610, it could continue to decline. The initial support lies at the $3,475 level, followed by the $3,420 zone or the 61.8% Fib retracement level. Further downward movement may push the price towards $3,340, and breaking below this level might send it towards $3,240 or even $3,120.
Technical indicators show that the MACD for ETH/USD is gaining momentum in the bearish zone, while the RSI is now below the 50 level.
It’s important to note that this information is provided for educational purposes and should not be considered as financial advice. Conduct your own research and be aware of the risks associated with investing.