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 hold above the crucial $3,000 support. This performance underlines the dominance of bulls in the market. By moving above $3,050, Ethereum is showing signs of a healthy correction.
However, the recent summit weekly reached at $3,144 suffered a slight decline when sellers intervened 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.
Furthermore, a confirmed crossing of the $3,150 mark would give Ethereum the necessary momentum to aim for higher price levels. The ability of buyers to remain strong at this key resistance level could instill bullish sentiment in the market.
The next major hurdle stands at $3,200. Beyond that, interest in ETH could intensify and propel its price towards $3,250. A clear breakout 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 can be found near $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 of $3,000.
If the latter were to give in, ETH could risk falling to $2,980. Failure at this stage 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, thus raising concerns among investors.
In short, as analyzed in our last article, Ethereum is still struggling to keep up with the frantic pace of Bitcoin. The SEC's impending decision on a spot Ethereum ETF is keeping traders in suspense. Despite long-term optimism, a rejection could trigger a short-term correction.
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