Cryptocurrency market investors, particularly those interested in altcoin Ethereum, are closely following its price movements. The cryptocurrency Ethereum (ETH) has been making efforts to overcome the resistance zone around $3,360 in recent days, leaving many investors and analysts uncertain about its future price. At this stage, with uncertainty persisting, it’s important to examine the levels formed in the price. Here are today’s critical levels to watch for Ethereum.
Altcoin Ethereum Encounters Stiff Resistance
When examining the current state of altcoin Ethereum, we see that it is facing several hurdles near the $3,350 and $3,360 levels. However, the price trading below $3,350 and the 100-hour Simple Moving Average indicates that the bulls are engaged in a tough battle.
On the hourly chart of the ETH/USD pair, there has been a break below a rising channel with support at $3,320. This situation raises concerns that the price could trigger a further downward movement.
Looking at the immediate resistance levels for altcoin ETH, the first resistance is seen near $3,300. However, the real struggle becomes apparent as it approaches the $3,360 resistance level. Surpassing this level could be a significant turning point for the bulls. The next critical resistance is seen at $3,435 and then at $3,655 levels.
However, to gain a stronger upward momentum, altcoin Ethereum needs to break above the $3,550 level. In this case, a move above the $3,650 resistance could start Ethereum on a journey to higher levels.
Worrying Levels for ETH
Ethereum could continue its downward trend if it fails to break the $3,360 resistance. In this scenario, the first support on the downside would be towards the $3,240 level. However, things could get darker. The first major support is near the $3,215 region.
A move below this level could create serious concern in the market and push Ethereum below $3,200. In such a case, the price could decline to the $3,120 level and even suffer further losses towards $3,040.
What’s the Pivot Point?
Looking at the technical indicators, the 4-hour MACD is gaining downward momentum for ETH/USD. The 4-hour RSI is also below the 50 level. This indicates weakness in the market.
The key point is that the $3,215 support level is of critical importance. Dropping below this level could pose even more risk for altcoin Ethereum. However, breaking above the noted main resistance level of $3,360 could be a positive turning point.
