Ethereum
Ethereum Price Heads Toward $3,360 – Can Key Support Levels Sustain Uptrend?
Ethereum (ETH) is currently facing a critical test as it approaches the key support level of $3,360. This price level has emerged as an important marker over the past few trading sessions, with market participants Watch closely to see if ETH can maintain its position or if further declines are imminent.
The $3,360 level represents a crucial battleground between bullish and bearish forces, and its outcome could set the tone for Ethereum’s near-term price trajectory. In this article, we will explore the potential ETH price implications of a rejection or breakout using technical indicators.
At the time of writing, Ethereum was trading at around $3,387 and down 1.62%, with a market cap of over $407 billion and a 24-hour trading volume of over 11 billions of dollars. Its market capitalization is down by 1.52%, while its trading volume increased by 32.02% over the past day.
Will the $3,360 support hold or break?
It can be observed from the 4-hour chart that ETH price has seen a decline towards $3,360 and is trading below the 100-day simple moving average (SMA). Currently, the price is moving in a consolidated manner, which is slightly above this level.
Additionally, the 4-hour Relative Strength Index (RSI) indicates that The price of Ethereum could break below this support level and continue its downward trend as the RSI line has fallen below 50% and could fall into the oversold zone.
Looking at the 1-day chart, we can see that ETH is attempting to move below the 100-day SMA. Although the price of ETH is still bullish, based on current price action, it could trend further down in the long term.
Finally, the 1-day RSI indicator signals an upcoming bearish trend as the signal line has already fallen below 50% and is heading towards the oversold zone. From the price analysis and technical indicator formation, it can be suggested that the crypto asset could likely fall below the $3,360 support.
Ethereum’s Path Beyond $3,360
While exploring the prospects and strategies of ETH beyond $3,360, it was revealed that if the price of ETH breaking below this level, it could drop to test the $3,051 support level and likely move to the $2,865 support level and further levels below if the price breaks above this level.
However, if ETH price is rejected at the $3,360 support level, it will start rising towards the $3,659 resistance level. If the digital asset breaks this support level, it could move further to test the $3,975 resistance level and possibly other higher levels.
Featured image from Adobe Stock, chart from Tradingview.com