Ethereum is struggling below $3,659 resistance: Is momentum fading?
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Ethereum As momentum appears to be waning, it is wrestling with the critical resistance level of $3,659. After receiving steady profits, cryptocurrency enforce This is the stage where the bull struggles to climb higher. The pause has raised questions about whether Ethereum’s rally is losing steam or is simply preparing for the next big move.
This article aims to analyze ETH’s current consolidation below the $3,659 resistance level, focusing on its impact on market pressure. It will also determine whether ETH can recover its uptrend or whether weakness could lead to further declines through technical indicators, support zones, and potential. breakout scenario.
What Key Indicators Say About Ethereum Price
ETH is showing a strong downtrend momentum On the 4-hours chart, the price is attempting to move towards the $3,360 level and the important 100-day simple moving average (SMA). This key level can act as a dynamic support to determine your next move. While a rebound may occur after a successful defense, a break underneath may result in more drops and test the lower support area.
Analysis of the 4-hour chart showed that ETH’s relative strength index (RSI) fell to 56% in the overbought zone. This decline signals reduced buying pressure and suggests there may be a change in market sentiment. If RSI pulls back, it indicates: optimistic Sentiment may weaken and markets may consolidate or reverse. If the RSI continues to fall, it means increased selling pressure and potentially a deeper correction.
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Despite maintaining above its 100-day SMA, Ethereum is showing signs of weakness, with its price steadily falling to the $3,360 level. While the 100-day SMA provides some support, a downtrend means selling pressure is dominant and the bullish momentum has weakened. A continued downtrend could test the strength of the $3,360 support, a break below which could lead to further losses and further push the market down.
Lastly, the 1-day RSI indicates negative growth. enter Since the signal line has dropped back to 65%, ETH is targeting a move towards the 50% threshold. As RSI continues to decline towards this threshold, it shows that sellers are gaining the upper hand and is likely to open the way for further declines unless buying pressure returns and changes sentiment.
Will Ethereum find new support or will it fall further?
A key level to monitor is $3,360, which has historically served as a strong support zone. If Ethereum can sustain above this level, it could trigger a rebound and push the price to the next level. resistance Showing $3,659.
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However, if the price fails to maintain above $3,360, ETH could experience a notable downside with $3,051 emerging as the next major support range. A break below this support would open the door to further downward movement and allow us to target lower. apply zone.
Featured image from Unsplash, chart from Tradingview.com
